# In the matter of Siddhi Vinayak Polymer Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00966. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Siddhi Vinayak…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00966
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siddhi-vinayak-polymer-private-limited-11871923

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Siddhi Vinayak Polymer Private Limited. The CIRP was initiated following an application by M/s Natroyal Industries Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Sanjay Kumar Aggarwal was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was constituted, and Mr. Brij Kishore Sharma was appointed as the Resolution Professional (RP). Despite opportunities, the suspended directors of the Corporate Debtor did not cooperate in providing information for the CIRP. The RP appointed registered valuers, but they could not initiate work due to the unavailability of financial records and access to assets. The Corporate Debtor's

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## Facts

M/s Natroyal Industries Private Limited filed an application under Section 9 of the IBC, 2016, to initiate CIRP against M/s Siddhi Vinayak Polymer Private Limited (Corporate Debtor). The Adjudicating Authority admitted the application on 25.10.2018. Mr. Sanjay Kumar Aggarwal was appointed as the IRP, and later Mr. Brij Kishore Sharma was appointed as the RP. The IRP issued a public announcement on 06.11.2018, inviting claims from creditors. The CoC was constituted, with SIDBI as a financial creditor. The suspended directors of the Corporate Debtor did not cooperate in providing information. The RP appointed registered valuers, but they could not initiate work due to the unavailability of financial records and access to assets. The Corporate Debtor's assets were

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the IBC, 2016 are satisfied to order the liquidation …

**Ratio:** Section 33(1) of the IBC, 2016 provides that where the Adjudicating Authority does not

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**Reasoning:** The Adjudicating Authority noted that the CoC had resolved to liquidate the Corporate

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that liquidation is the default

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**Application:** In this case, the Adjudicating Authority found that the conditions under

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Brij Kishore…
- **Respondents:** Siddhi Vinayak…; Rajendra…

## Timeline

- **2018-10-25 — Admission of Application…**: The Adjudicating Authority admitted the Application filed by M/s Natroyal Industries…
- **2018-11-06 — Public Annou…**: The IRP issued a public announcement, under Form - A in Naya India, Jaipur Edition and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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