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

> NCLT judgment dated 2026-10-09. Citation: TCN-2026-NCLT-01194. The Corporate Insolvency Resolution Process (CIRP) for Shri Vaijanath Industries Private…

- **Court:** NCLT
- **Order date:** 9 Oct 2026
- **Citation:** TCN-2026-NCLT-01194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/shri-vaijanath-industries-private-limited-gmncm

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Shri Vaijanath Industries Private Limited was initiated on 06.06.2023 under Section 9 of the IBC, 2016, following an application by M/s. Kamal Metal Corporation, an Operational Creditor. Mr. Vikas Khiyani was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). A public announcement was made for claims, leading to the constitution of the Committee of Creditors (CoC) on 19.08.2023. During the process, it was revealed that the Corporate Debtor's assets had already been auctioned by Union Bank of India.

## Facts

The present 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 by the Tribunal vide order dated 06.06.2023 in CP (IB) 212/MB-V/2021 under Section 9 of the Code, filed by M/s. Kamal Metal Corporation (Operational Creditor).

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 the creditors of the Corporate Debtor on or before 20.06.2023.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shri Vaijanath …

**Ratio:** The Corporate Debtor is liable to be liquidated under Section 33(1) and 33(2) of the IBC,

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**Reasoning:** The CIRP period of 180 days expired on 03.12.2023 without any resolution plan being

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**Interpretation:** Section 33 of the IBC provides for the initiation of liquidation proceedings

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

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## Parties

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

## Timeline

- **2023-06-06 — CIRP Initiation and IRP…**: 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)

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