# Mr. Parvinder Singh (Resolution Professional for M/s Aabha Industries Limited) vs. M/s Aabha Industries Limited

> NCLT judgment dated 21 Apr 2026. Citation: TCN-2026-NCLT-00414. Punjab National Bank, a Financial Creditor, initiated a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00414
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mr-parvinder-singh-resolution-professional-for-ms-aabha-industries-limited-vs-ms-1fc257a0

## Summary

### Background

Punjab National Bank, a Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Aabha Industries Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Parvinder Singh replaced him as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted and reconstituted, and various steps of the CIRP, including valuation, appointment of transaction auditors, and invitation of Expression of Interest (EoI), were undertaken. Multiple extensions for EoI and Resolution Plan submission were granted.

## Facts

Mr. Parvinder Singh, Resolution Professional for M/s Aabha Industries Limited, filed an application IA(I.B.C.)/2453(CH)2023 under Section 33(2) of the IBC, 2016, to liquidate the Corporate Debtor.

Punjab National Bank (Financial Creditor) had previously filed CP(IB) No.62/CHD/PB/2019 under Section 7 of the IBC to initiate CIRP against M/s Aabha Industries Limited.

The CIRP was initiated against M/s Aabha Industries Limited, and Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP).

The IRP constituted the Committee of Creditors (CoC) on 13.01.2023, comprising Punjab National Bank and Union Bank of India (Financial Creditors), and one Operational Creditor (Custom department).

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) mandates that if the

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**Reasoning:** The Committee of Creditors (CoC), after extensive efforts throughout the Corporate

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**Interpretation:** The Adjudicating Authority interprets Section 33(2) as a provision that grants

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**Application:** Given that the CoC for M/s Aabha Industries Limited, comprising key financial

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Parvinder…
- **Respondents:** M/s Aabha…
- **Other parties:** Insolvency and…; Corporate…; +10 more

## Timeline

- **N/A — CIRP Initiation…**: Punjab National Bank (Financial Creditor) filed CP(IB) No.62/Chd/Pb/2019 under Section 7…
- **2022-12-23 — CIRP Commencement & IRP…**: Order initiating CIRP against M/s Aabha Industries Ltd. and appointing Mr. Krishan Vrind…

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