# In the matter of Sintex Oil and Gas Limited IA-232-2022 in CP (IB) 150-9-NCLT-AHM-2020

> NCLT judgment dated 2022-12-06. Citation: TCN-2022-NCLT-00226. The application was filed by Mr. Nimai Gautam Shah, the Resolution Professional of M/s. Sintex…

- **Court:** NCLT
- **Order date:** 6 Dec 2022
- **Citation:** TCN-2022-NCLT-00226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintex-oil-and-gas-limited-ia-232-2022-in-cp-ib-150-9-nclt-ahm-2020-0faed28b

## Summary

### Background

The application was filed by Mr. Nimai Gautam Shah, the Resolution Professional of M/s. Sintex Oil & Gas Limited, under Sections 33 and 60(5) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor. The Adjudicating Authority admitted the application filed by M/s. MG Well Solutions Project International Private Limited for initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. Mr. Nimai Gautam Shah was appointed as the Interim Resolution Professional (IRP). The applicant made a public announcement and invited claims. The IRP constituted a CoC comprising of the sole operational creditor, M/s. Navrang Roadlines Private Limited. The IRP was confirmed as Resolution Professional (RP) of the corporate

…

## Facts

Mr. Nimai Gautam Shah, the Resolution Professional of M/s. Sintex Oil & Gas Limited, filed an application for liquidation of the Corporate Debtor under Sections 33 and 60(5) of the Insolvency and Bankruptcy Code, 2016. M/s. MG Well Solutions Project International Private Limited had previously filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against Sintex Oil & Gas Limited, which was admitted. Mr. Nimai Gautam Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A CoC was formed, initially comprising M/s. Navrang Roadlines Private Limited and later re-constituted with BVM Finance Private Limited as the sole financial creditor. The CoC resolved not to

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Sintex Oil & Gas Limited, …

**Ratio:** The Adjudicating Authority should generally defer to the commercial wisdom of the

…

**Reasoning:** The court reasoned that the CoC, comprising the creditors, is best positioned to assess

…

**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows for liquidation

…

**Application:** In this case, the CoC determined that the Corporate Debtor had no business,

…

## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Nimai Gauta…
- **Respondents:** Sintex Oil & Gas…; MG Well Solutions…

## Timeline

- **2021-12-21 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by M/s. MG Well Solutions…
- **2022-12-30 — Public Annou…**: The applicant made the public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintex-oil-and-gas-limited-ia-232-2022-in-cp-ib-150-9-nclt-ahm-2020-0faed28b