# In the matter of THERMO PRODUCTS PRIVATE LIMITED

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00264. An application regarding liquidation and contempt was filed before the NCLT because the…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00264
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/thermo-products-private-limited-fa0abaae

## Summary

### Background

An application regarding liquidation and contempt was filed before the NCLT because the Resolution Professional failed to implement the plan.

## Facts

Mr. Anil Kashi Drolia is appointed as the Liquidator.

The Successful Resolution Professional, Mr. Mukesh Agarwal, failed to implement the plan.

An application regarding liquidation and contempt was filed before the NCLT.

Bank of Maharashtra proposed the name of Mr. Anil Kashi Drolia to be liquidator.

The appointment of liquidator can be negotiated by creditors in the next meeting.

## Issues and analysis

### Issue 1: Whether Mr. Anil Kashi Drolia can …

**Ratio:** Based on the recommendation made by the Monitoring Committee and the proposal by Bank of

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**Reasoning:** The court considered the failure of the Resolution Professional to implement the plan and

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**Interpretation:** The court interpreted the relevant provisions of the IBC to allow for the

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**Application:** The court applied the provisions to appoint Mr. Anil Kashi Drolia as the

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## Parties

- **Judges:** SANJIV…; ASHISH…
- **Appellants:** RQS Engineering…
- **Respondents:** Thermo Products…
- **Other parties:** Anil Kashi…; Mukesh Ag…
- **Advocates:** Pradeep M…; Karan G…; +1 more

## Timeline

- **2026-03-17 — Order Da…**: Order sheet of hearing…
- **2025-02-11 — Hearing…**: The application is scheduled to…

## 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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