# M/S Natroyal Industries Private Limited vs. Siddhi Vinayak Polymers Private Limited

> NCLT judgment dated 15 Apr 2026. Citation: TCN-2026-NCLT-00490. The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak…

- **Court:** NCLT
- **Order date:** 15 Apr 2026
- **Citation:** TCN-2026-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ms-natroyal-industries-private-limited-vs-siddhi-vinayak-polymers-private-limite-kiwb7

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak Polymers Private Limited on 25.10.2018. An Interim Resolution Professional (IRP) was appointed and subsequently replaced, a decision approved by the Adjudicating Authority on 03.01.2019. Due to the absence of a resolution plan within the stipulated period, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor on 14.10.2022. A liquidation order was issued on 31.10.2023, and Ms. Garima Diggiwal was appointed as the Liquidator. A public announcement for claims was made on 02.11.2023, receiving claims from SIDBI and EPFO. The Liquidator formed a Stakeholders Consultation Committee and submitted all required reports. The Corporate Debtor's assets were e-auctioned,

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## Facts

M/S Natroyal Industries Private Limited filed a petition against Siddhi Vinayak Polymers Private Limited.

The Corporate Insolvency Resolution Process (CIRP) against Siddhi Vinayak Polymers Private Limited was initiated on October 25, 2018.

An Interim Resolution Professional (IRP) was appointed and subsequently replaced, with the replacement approved on January 3, 2019.

No Resolution Plan was received within the prescribed period.

The Committee of Creditors (CoC), in its 6th meeting on October 14, 2022, passed a resolution to liquidate the Corporate Debtor.

Liquidation was ordered on October 31, 2023, and Ms. Garima Diggiwal was appointed as the Liquidator.

A public announcement for claims was made on November 2, 2023, and claims were received from SIDBI and EPFO.

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Siddhi Vinayak Polymers Private Limited, …

**Ratio:** Section 54 of the IBC mandates dissolution once assets are liquidated and the Final

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**Reasoning:** The Adjudicating Authority found that the CIRP was properly conducted, no resolution plan

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**Interpretation:** The procedural requirements of the IBC and Liquidation Regulations are to be

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**Application:** The Liquidator, Ms. Garima Diggiwal, successfully navigated the liquidation,

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** M/S NATROYAL…
- **Respondents:** Siddhi Vinayak…; Registrar of…
- **Other parties:** Insolvency and…; Corporate…; +10 more
- **Advocates:** Saumil S…

## Timeline

- **2018-10-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Siddhi Vinayak Polymers…
- **2019-01-03 — IRP Replacement…**: The replacement of the IRP in the first Committee of Creditors (CoC) meeting was approved…

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