# Small Industries Development Bank of India vs. J. Khetsidas Machine Tool Works Private Limited

> NCLT judgment dated 10 Apr 2026. Citation: TCN-2026-NCLT-00385. The case involves an application under Section 33 and Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Apr 2026
- **Citation:** TCN-2026-NCLT-00385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/small-industries-development-bank-of-india-vs-j-khetsidas-machine-tool-works-pri-45b227c5

## Summary

### Background

The case involves an application under Section 33 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with applicable regulations. The application was filed by Mr. Subodh Kumar Agarwal, the Resolution Professional of J. Khetsidas Machine Tool Works Private Limited, the Corporate Debtor, for the initiation of liquidation process.

## Facts

Small Industries Development Bank of India is the Financial Creditor.

J. Khetsidas Machine Tool Works Private Limited is the Corporate Debtor.

Mr. Subodh Kumar Agarwal is the Resolution Professional of J. Khetsidas Machine Tool Works Private Limited and filed the application.

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against J. Khetsidas Machine Tool Works Private Limited vide order dated 31.01.2025.

The initial 180 days period for CIRP was expected to end on 29.07.2025 and was extended until 25.01.2026.

The Applicant issued a public notice inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated …

**Ratio:** Section 33(2) of the

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**Reasoning:** The COC rejected both the Resolution Plans and voted in favour of Liquidation with 100%

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**Interpretation:** Section 33(2) permits liquidation when resolution plans are rejected and the

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**Application:** The Corporate Debtor is ordered to be liquidated in terms of section 33 of the

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Small Industries…
- **Respondents:** J. Khetsidas…
- **Other parties:** Corporate…; Liquida…; +3 more

## Timeline

- **31.01.2025 — Initiation…**: The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP)…
- **29.07.2025 — Expected End Date of…**: The initial 180 days period…

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