# In the matter of LALIT POLYESTER PRIVATE LIMITED

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03133. The case pertains to an application filed by the Resolution Professional, Nitin Om Kothari,…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/lalit-polyester-private-limited-18a300c6

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Nitin Om Kothari, seeking liquidation of Lalit Polyester Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016.

## Facts

An application was filed by Nitin Om Kothari, Resolution Professional, seeking liquidation of Lalit Polyester Private Limited.

The Tribunal admitted a petition filed by Punjab National Bank under Section 7 of the Code, initiating CIRP against Lalit Polyester Private Limited on 05.01.2023.

Nitin Om Kothari was appointed as Interim Resolution Professional and later as Resolution Professional.

Form G was issued inviting Expression of Interest, with a submission deadline of 30.03.2023.

The fourth CoC meeting held on 12.05.2023 revealed one Expression of Interest from Nakshatra Corporate Advisors Limited.

The seventh CoC meeting held on 05.07.2023 recommended liquidation.

The CoC voted with 100% to proceed with the liquidation.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Lalit Polyester Private Limited, …

**Ratio:** Based on the CoC's decision and the facts presented, the Tribunal considered it

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**Reasoning:** The CoC members assented with 100% voting for the liquidation of the Corporate Debtor

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**Interpretation:** Section 33(2) of the Code allows for liquidation when the CoC approves it with

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**Application:** The Tribunal applied Section 33(2) and the CoC's decision to allow the

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Nitin Om K…
- **Respondents:** Lalit Polyester…
- **Other parties:** Punjab National…; Anil Seetaram…
- **Advocates:** Agam H.…

## Timeline

- **2023-01-05 — CIRP Init…**: Tribunal admitted petition filed by Punjab National Bank under Section 7 of the Code,…
- **2023-03-10 — Form G Publ…**: Form G inviting Expression of…

## 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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