# Jayprabhu Industries LLP vs. Mudra Denim Pvt ltd

> NCLT judgment dated 2026-09-04. Citation: TCN-2026-NCLT-00939. The Corporate Insolvency Resolution Process (CIRP) for M/s Mudra Denim Pvt. Ltd. (Corporate…

- **Court:** NCLT
- **Order date:** 4 Sept 2026
- **Citation:** TCN-2026-NCLT-00939
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayprabhu-industries-llp-vs-mudra-denim-pvt-ltd-6dwvn

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for M/s Mudra Denim Pvt. Ltd. (Corporate Debtor) was initiated by the NCLT on 14.10.2022, based on an application by M/s Jayprabhu Industries LLP (Operational Creditor) under Section 9 of the IBC, 2016. Mr. Paresh Chandulal was appointed as the Interim Resolution Professional (IRP), followed by Mr. Ram Ratan Kanoongo as Resolution Professional (RP), who was later substituted by Mr. Jayanti Lal Jain due to his demise. The Committee of Creditors (CoC) was constituted, claims were invited and admitted, and valuers were appointed. Expressions of Interest (EoI) were invited from Prospective Resolution Applicants (PRAs), but the resolution plans received were ultimately rejected by the CoC due to the PRAs' failure to deposit

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s Mudra Denim Pvt. Ltd. (Corporate Debtor) was initiated by the Tribunal vide order dated 14.10.2022 in CP (IB) NO. 4356 of 2019 under Section 9 of the Code, filed by M/s Jayprabhu Industries LLP (Operational Creditor).

Mr. Paresh Chandulal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The IRP made a Public Announcement in Form A on 01.11.2022, inviting claims from the creditors of the Corporate Debtor on or before 16.11.2022.

Upon receipt of claims, the Applicant constituted the Committee of Creditors (CoC) of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Mudra Denim Pvt. Ltd., should be ordered to be liquidated in …

**Ratio:** Section 33(2) of the IBC mandates the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The CoC, in its 18th meeting on 13.12.2023, resolved with a 99.89% voting share to

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**Interpretation:** The legislative intent behind Section 33(2) is to provide a clear path to

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**Application:** Given the CoC's overwhelming majority decision (99.89%) to liquidate the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Jayprabhu…; Jayanti La…; +1 more
- **Respondents:** M/s Mudra Denim…; Mudra Denim Pvt.…
- **Other parties:** Committee of…; IDBI…; +7 more
- **Advocates:** Amit Tu…; Prathamesh…

## Timeline

- **2022-10-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of M/s Mudra Denim Pvt. Ltd. initiated by…
- **2022-11-01 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a Public Announcement in Form A, inviting…

## 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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