# In the matter of Shree Raghuvanshi Fibers Private Limited

> NCLT judgment dated 2025-02-19. Citation: TCN-2025-NCLT-00467. The case pertains to an application (IA/1077(AHM)2023) filed under Section 54 of the Insolvency…

- **Court:** NCLT
- **Order date:** 19 Feb 2025
- **Citation:** TCN-2025-NCLT-00467
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-raghuvanshi-fibers-private-limited-74a4ee09

## Summary

### Background

The case pertains to an application (IA/1077(AHM)2023) filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking dissolution of Shree Raghuvanshi Fibers Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the IB Code, 2016, by an Operational Creditor, Manishbhai Baghabhai Aahir. The CIRP initiation order was passed on 18.02.2020, and Mr. Divyang Pareshrai Majumdar was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Jaykumar Perumal Arlani was appointed as the IRP on 22.06.2021. The Committee of Creditors (CoC) decided to proceed with liquidation, and an

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## Facts

Shree Raghuvanshi Fibers Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Manishbhai Baghabhai Aahir, an Operational Creditor, under Section 9 of the IB Code, 2016. Divyang Pareshrai Majumdar was initially appointed as the Interim Resolution Professional (IRP), later replaced by Jaykumar Perumal Arlani. The Committee of Creditors (CoC) resolved to liquidate the company, leading to an order of liquidation on 30.08.2022, with Jaykumar Perumal Arlani appointed as the Liquidator. The Liquidator made a public announcement on 03.09.2022, inviting claims from creditors. The liquidation estate included land, building, plant, machinery, and financial assets. The Liquidator constituted a Stakeholders Consultation Committee (SCC) with members

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## Issues and analysis

### Issue 1: Whether the State Tax Department can claim secured creditor status under Section 48 of the Gujarat …

**Ratio:** The Hon'ble Supreme Court in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Pvt.

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**Reasoning:** The Tribunal reasoned that the State Tax Department's claim did not qualify as a secured

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**Interpretation:** The interpretation of Section 48 of the Gujarat Value Added Tax Act, 2003, is

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**Application:** In this case, the State Tax Department did not register any charge over the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Jaykumar Pesumal…
- **Respondents:** Shree Raghuvanshi…; State Tax…

## Timeline

- **2019-01-01 — Application under…**: Manishbhai Baghabhai Aahir filed an application under Section 9 of IB Code, 2016 seeking…
- **2020-02-18 — CIRP Initiati…**: Order for initiation of CIRP was passed by the Hon'ble NCLT, Ahmedabad Bench via. order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 77(3) — Punishment for providing false information in…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-77)

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