# State Bank of India vs. Aarya Industrial Products Private Limited

> NCLT judgment dated 2026-06-22. Citation: TCN-2026-NCLT-00588. State Bank of India, a Financial Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 22 Jun 2026
- **Citation:** TCN-2026-NCLT-00588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/state-bank-of-india-vs-aarya-industrial-products-private-limited-s6522

## Summary

### Background

State Bank of India, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited, the Corporate Debtor. Mr. Ashok Kumar Jaiswal was appointed as Interim Resolution Professional (IRP) and subsequently confirmed as Resolution Professional (RP). Despite extensions to the CIRP period due to the COVID-19 pandemic and multiple invitations for Expression of Interest (EOI), the sole resolution plan submitted was non-compliant, and no other viable plans were received. Consequently, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor.

## Facts

An application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional of Aarya Industrial Products Private Limited for initiation of liquidation process.

The Adjudicating Authority had ordered initiation of Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited on 17.9.2019, based on a petition filed by State Bank of India (Financial Creditor).

Ashok Kumar Jaiswal was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).

The Applicant issued a Public Announcement on 20.9.2019 for filing of claims in "Financial Express" (English) and "Aaj Kal" (Bengali) newspapers.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Aarya Industrial Products Private Limited, should be liquidated under …

**Ratio:** Liquidation is mandated when no resolution plan is received before the expiry of the CIRP

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**Reasoning:** A resolution plan was submitted but was non-compliant, and no other viable plans were

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**Interpretation:** Section 33(1) of the IBC provides for the Adjudicating Authority to pass a

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**Application:** Given the non-compliant resolution plan and the CoC's 100% vote for

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Ashok Kumar…; State Bank of…
- **Respondents:** Aarya Industrial…; Sunil Kumar…
- **Other parties:** Daulat Ra…
- **Advocates:** Rahul A…; Aditya G…; +2 more

## Timeline

- **2019-09-17 — CIRP Initiati…**: Adjudicating Authority ordered initiation of Corporate Insolvency Resolution Process…
- **2019-09-20 — Public Announcement for…**: Public Announcement for filing of claims (Form A) issued in "Financial Express" and "Aaj…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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