# In the matter of Siddhi Vinayak Polymer Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00945. 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-00945
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siddhi-vinayak-polymer-private-limited-6e15380d

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Siddhi Vinayak Polymer Private Limited. The CIRP was initiated based on an application filed by M/s Natroyal Industries Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC). Despite various opportunities, the suspended directors of the Corporate Debtor did not cooperate in providing necessary information for the timely completion of CIRP. The RP appointed registered valuers, but they could not initiate work due to the unavailability of financial records and non-access to the assets. The CoC ultimately resolved to liquidate the Corporate Debtor due

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## Facts

M/s Natroyal Industries Private Limited filed an application under Section 9 of the IBC to initiate CIRP against M/s Siddhi Vinayak Polymer Private Limited. The Adjudicating Authority admitted the application on 25.10.2018. Mr. Sanjay Kumar Aggarwal was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was constituted, with SIDBI as the financial creditor. The suspended directors of the Corporate Debtor did not cooperate in providing information. The RP appointed registered valuers, but they could not proceed due to lack of access to financial records and assets. The Corporate Debtor's assets were allegedly sold out by the owner two years prior, and the registered office was not shifted. The CoC decided to liquidate the Corporate

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 are …

**Ratio:** Section 33(1) of the IBC allows the Adjudicating Authority to order liquidation if no

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**Reasoning:** The Adjudicating Authority noted that the CIRP period had expired, no resolution plan was

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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**Application:** Given the failure of the CIRP and the CoC's decision, the Adjudicating

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## Parties

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

## Timeline

- **2018-10-25 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by M/s Natroyal Industries…
- **2018-11-06 — Public Annou…**: The IRP issued a public announcement for inviting claims from the creditors of the…

## 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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