# Gujarat Metal Rolling Mills vs. Bhanu Cosmetics Packaging Pvt Ltd

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01109. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhanu Cosmetics…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bhanu-cosmetics-packaging-private-limited-oncjc

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhanu Cosmetics Packaging Private Limited (Corporate Debtor) based on an application filed by Gujarat Metal Rolling Mills (Operational Creditor). Ms. Neha Jain Nemani, the Resolution Professional (RP) of the Corporate Debtor, subsequently filed an application seeking the liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016, citing the failure to receive any viable resolution plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Bhanu Cosmetics Packaging Private Limited was initiated by the Tribunal vide order dated 08.05.2025 in C.P (IB) No. 4171 of 2019 under Section 9 of the Code, filed by Gujrat Metal Rolling Mills ('Operational Creditor').

Mr. Girish Prabhakar Muley was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The order of admission was received by the IRP on 11.06.2025, and a Public Announcement in Form A was made on 13.06.2025, inviting claims from creditors.

Punjab National Bank ('PNB') is the sole financial creditor, holding 100% voting share in the Committee of Creditors (CoC).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Bhanu Cosmetics Packaging Private Limited, should be liquidated under …

**Ratio:** Liquidation of a corporate debtor is mandatory under Section 33(1) of the IBC if no

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**Reasoning:** The CIRP period, including extensions, expired without a viable resolution plan being

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**Interpretation:** Section 33 of the IBC provides two distinct grounds for initiating liquidation:

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**Application:** In this case, both conditions for liquidation under Section 33 are met: no

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** Gujarat Metal…; Neha Jain…
- **Respondents:** Bhanu Cosmetics…; Bhanu Cosmetics…
- **Other parties:** CoC…; Punjab National…; +4 more
- **Advocates:** Manish…; Sweta P…

## Timeline

- **2025-05-08 — CIRP Initiati…**: Corporate Insolvency Resolution Process (CIRP) of Bhanu Cosmetics Packaging Private…
- **2025-06-11 — Admission Order…**: The order of admission was received by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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