# In the matter of GREY'S EXIM PRIVATE LIMITED

> NCLT judgment dated 2026-04-01. Citation: TCN-2026-NCLT-00299. An Interlocutory Application was filed by the Resolution Professional, Mr. Prashant Jain, under…

- **Court:** NCLT
- **Order date:** 1 Apr 2026
- **Citation:** TCN-2026-NCLT-00299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/greys-exim-private-limited-6242e8a3

## Summary

### Background

An Interlocutory Application was filed by the Resolution Professional, Mr. Prashant Jain, under Section 33 of the Insolvency and Bankruptcy Code, 2016, for initiating Liquidation Process against GREY'S EXIM PRIVATE LIMITED (Corporate Debtor).

## Facts

The petition numbered C.P No. 255/MB/I&B/2020 was filed by the Operational Creditor under Section 9 of the Code against the Corporate Debtor.

The Corporate Debtor was admitted into CIRP by the Tribunal vide order dated 27/06/2023 in C.P. No. 255/MB/I&B/2020.

The Committee of Creditors approved the Resolution Plan on 24/06/2024 with 99.31% voting share.

The Resolution Plan was approved by the Tribunal vide order dated 29/01/2025.

The SRA requested for extension of timeline for making payment under the plan citing cancer diagnosis.

The Tribunal allowed extension along with interest @ 12% of the delayed payments vide order dated 08/04/2025.

…

## Issues and analysis

### Issue 1: Whether the resolution plan approved by the Adjudicating Authority under section 31 is contravened …

**Ratio:** Section 33(3) of the Code states that where the resolution plan approved by the

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**Reasoning:** The SRA failed to deposit resolution money despite numerous extensions, indicating a

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**Interpretation:** The provision allows for an application for liquidation when the approved

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**Application:** The Tribunal applied Section 33(3) of the Code, finding that the SRA's failure

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** UPS EXPRESS PVT…
- **Respondents:** GREY'S EXIM…; GREYS EXIM…
- **Other parties:** Prashant…; Jayant Prabhakar…; +1 more
- **Advocates:** Mily Gh…; Laxmi S…; +4 more

## Timeline

- **2023-06-27 — Admission in…**: Corporate Debtor was admitted into CIRP by the Tribunal vide order dated 27/06/2023 in…
- **2024-06-24 — Approval of Resolution…**: Committee of Creditors approved 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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