# In the matter of Sintex Plastics Technology Limited

> NCLT judgment dated 2025-04-17. Citation: TCN-2025-NCLT-00205. The case involves an application (IA/335(AHM)2025) filed by Durgesh Infrastructure Private…

- **Court:** NCLT
- **Order date:** 17 Apr 2025
- **Citation:** TCN-2025-NCLT-00205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintex-plastics-technology-limited-cfade83c

## Summary

### Background

The case involves an application (IA/335(AHM)2025) filed by Durgesh Infrastructure Private Limited, Atreyi Vincom Private Limited, Unicon Suppliers Private Limited, and Eastern Mercantile Private Limited (collectively, the Applicants) before the National Company Law Tribunal (NCLT), Ahmedabad. The Applicants sought permission to forgo a specific relief granted in a prior order (IA/1338(AHM)2024) dated 08.11.2024, which mandated the listing of new equity shares of Sintex Plastic Technology Limited with a 5% public shareholding. The Applicants also requested that the extinguished shares be deemed automatically delisted. The initial order stemmed from the corporate insolvency resolution process (CIRP) of Sintex Plastic Technology Limited, followed by its liquidation, and

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## Facts

1. Durgesh Infrastructure Private Limited, Atreyi Vincom Private Limited, Unicon Suppliers Private Limited, and Eastern Mercantile Private Limited (the Applicants) acquired Sintex Plastic Technology Limited as a going concern through an e-auction during its liquidation process.
2. The Corporate Debtor, Sintex Plastic Technology Limited, was admitted into CIRP and subsequently faced liquidation.
3. Bimal Desai was appointed as the Liquidator for Sintex Plastic Technology Limited.
4. The Liquidator issued an e-auction notice on 21.06.2024, offering the Company's assets for sale, including the option to acquire the Company as a going concern.
5. The Applicants were declared successful bidders on 22.06.2024, with a bid of Rs. 20.63 crores.
6. The Applicants fulfilled their

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## Issues and analysis

### Issue 1: Whether the Applicants should be permitted to forgo the relief in Paragraph 18.4.D of the order …

**Ratio:** Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016, allows the sale of

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**Reasoning:** The Tribunal reasoned that the Applicants' revised stance did not violate any statutory

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**Interpretation:** The interpretation of Regulation 32(e) and the SCR Rules suggests that the

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**Application:** The Tribunal applied the ratio to the facts by recognizing that the

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Durgesh Infrastuct…
- **Respondents:** Sintex Plastics…; Bimal Desai…
- **Advocates:** Saurabh So…; Sandeep S…; +2 more

## Timeline

- **2022-01-01 — CP (IB) No.175…**: The initial Corporate Insolvency…
- **2023-02-21 — Admission t…**: Sintex Plastic Technology Limited was…

## 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)

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