# Small Industries Development Bank of India vs. Ishh Raj Silicon Private Limited

> NCLT judgment dated 2026-10-12. Citation: TCN-2026-NCLT-01202. The Corporate Insolvency Resolution Process (CIRP) was initiated against Ishh Raj Silicon…

- **Court:** NCLT
- **Order date:** 12 Oct 2026
- **Citation:** TCN-2026-NCLT-01202
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/ishh-raj-silicon-private-limited-gquhs

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ishh Raj Silicon Private Limited on 12.12.2025, and Mr. Kamal Kumar Jadwani was appointed as the Interim Resolution Professional (IRP). A public announcement was made, inviting claims, but only Small Industries Development Bank of India (SIDBI), the Financial Creditor, submitted a claim, thus constituting the entire Committee of Creditors (CoC) with 100% voting share. Despite multiple attempts, including two rounds of publishing Form-G for Expressions of Interest (EOIs) and extensions for resolution plan submissions, no acceptable resolution plan could be obtained. The sole Prospective Resolution Applicant (PRA) eventually withdrew, leading the CoC to decide on liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ishh Raj Silicon Private Limited on 12.12.2025.

Mr. Kamal Kumar Jadwani was appointed as the Interim Resolution Professional (IRP) on 12.12.2025.

The IRP published Form-A (Public Announcement) on 14.12.2025, inviting claims from creditors with a last date of 26.12.2025.

Only one claim was received from Small Industries Development Bank of India (SIDBI), the Financial Creditor.

The Committee of Creditors (CoC) was constituted on 03.01.2026, with SIDBI as the sole member holding 100% voting share.

The CoC Constitution Report was filed on 08.01.2026.

The 1st CoC meeting was held on 12.01.2026, confirming Mr. Kamal Kumar Jadwani as the Resolution Professional (RP).

…

## Issues and analysis

### Issue 1: Whether the decision of the CoC dated 25.06.2026, approving liquidation of the Corporate Debtor …

**Ratio:** The Adjudicating Authority is mandated to pass a liquidation order when the Committee of

…

**Reasoning:** The Resolution Professional undertook successive and diligent steps to invite resolution

…

**Interpretation:** Section 33(2) of the Code empowers the CoC to make a commercial decision to

…

**Application:** The CoC's decision to liquidate Ishh Raj Silicon Private Limited was taken on

…

## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Small Industries…; Kamal Kumar…
- **Respondents:** Ishh Raj Silicon…
- **Other parties:** Small Industries…; Nisha Ba…
- **Advocates:** Rohit…; B. Ak…; +1 more

## Timeline

- **2025-12-12 — CIRP Initiation and IRP…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2025-12-14 — Public Announcement…**: The IRP published Form-A (Public Announcement) in newspapers, inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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-jaipur/ishh-raj-silicon-private-limited-gquhs