# M/s. Kamal Metal Corporation vs. Shri Vaijanath Industries Private Limited

> NCLT judgment dated 2026-10-09. Citation: TCN-2026-NCLT-01196. The Corporate Insolvency Resolution Process (CIRP) for Shri Vaijanath Industries Private…

- **Court:** NCLT
- **Order date:** 9 Oct 2026
- **Citation:** TCN-2026-NCLT-01196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/shri-vaijanath-industries-private-limited-4t1ws

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Shri Vaijanath Industries Private Limited (Corporate Debtor) was initiated on 06.06.2023, based on an application filed by M/s. Kamal Metal Corporation (Operational Creditor) under Section 9 of the IBC. Mr. Vikas Khiyani was appointed as the Interim Resolution Professional (IRP). A public announcement was made inviting claims, and two claims were admitted, leading to the constitution of the Committee of Creditors (CoC) on 19.08.2023. During the IRP's visit, suspended directors informed that the Corporate Debtor's assets had already been auctioned by Union Bank of India.

## Facts

The Interlocutory Application (IA(LIQ.)/62/2024) was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 by Mr. Vikas Khiyani, the Resolution Professional of Shri Vaijanath Industries Private Limited.

The Corporate Insolvency Resolution Process (CIRP) of Shri Vaijanath Industries Private Limited was initiated on 06.06.2023 in CP (IB) 212/MB-V/2021 under Section 9 of the Code, filed by M/s. Kamal Metal Corporation.

Mr. Vikas Khiyani was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The IRP made a Public Announcement in Form A on 08.06.2023, inviting claims from creditors on or before 20.06.2023.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shri Vaijanath Industries Private Limited, should be liquidated under …

**Ratio:** The Adjudicating Authority is empowered to pass a liquidation order under Section 33(1)

…

**Reasoning:** The CIRP commenced on 06.06.2023, and the prescribed 180-day period expired on 03.12.2023

…

**Interpretation:** Section 33(1) mandates liquidation if no resolution plan is received within the

…

**Application:** Given that the CIRP period expired without a resolution plan and the CoC

…

## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** M/s Kamal Metal…; Vikas Kh…
- **Respondents:** Vaijanath…
- **Other parties:** Committee of…; Suspended…; +2 more
- **Advocates:** Maulik Ch…; Ld. Counsel for…

## Timeline

- **2023-06-06 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Shri Vaijanath Industries Private…
- **2023-06-08 — Public Annou…**: The IRP made a Public Announcement in Form A in Business Standard and Kesari Newspaper,…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/shri-vaijanath-industries-private-limited-4t1ws