# In the matter of Vipul-S Plastocrafts Private Limited

> NCLT judgment dated 2025-07-08. Citation: TCN-2025-NCLT-00814. The application was filed by the liquidator, Rakesh Kumar Tulsyan, of Vipul S Plastocrafts Pvt.…

- **Court:** NCLT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLT-00814
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vipul-s-plastocrafts-private-limited-03024e14

## Summary

### Background

The application was filed by the liquidator, Rakesh Kumar Tulsyan, of Vipul S Plastocrafts Pvt. Ltd. (Corporate Debtor) against Omkara Asset Reconstruction Pvt. Ltd. (Respondent) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking direction to the respondent to pay the liquidation cost.

## Facts

Rakesh Kumar Tulsyan, the Liquidator of Vipul S Plastocrafts Pvt. Ltd., filed an application against Omkara Asset Reconstruction Private Limited under Section 60(5) of the IBC, 2016.

Trimurti Services, an Operational Creditor, had initiated CIRP against Vipul S Plastocrafts Private Limited, which was admitted on March 11, 2019.

The Tribunal ordered the liquidation of the Corporate Debtor on November 23, 2023, appointing Rakesh Kumar Tulsyan as the Liquidator.

Omkara Asset Reconstruction Private Limited (OARPL) submitted a claim of INR 35,67,19,795/- but did not relinquish its security interest.

OARPL auctioned the Plant & Machinery for Rs. 85 Lakhs and the land and building for Rs. 1845 Lakhs.

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## Issues and analysis

### Issue 1: Whether Omkara Asset Reconstruction Private Limited is liable to pay the liquidation cost, …

**Ratio:** Yes, even if a Secured Creditor is realizing the Security Interest outside the

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**Reasoning:** The Tribunal relied on Section 53 of the Code and Regulation 21A of the IBBI Liquidation

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**Interpretation:** The provisions of the Code mandate that secured creditors cannot circumvent

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**Application:** The Tribunal directed OARPL to pay the liquidation cost, including the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Vipul S. Plastocra…; Omkara Assets…
- **Other parties:** Jovita Reema…; Trimurti S…
- **Advocates:** KunalKa…; Gaurav Ja…; +3 more

## Timeline

- **2018 — Filing of Company…**: M/s. Trimurti Services filed a Company Petition being C.P. (IB) 1669 of 2018 before this…
- **2019-03-11 — Admission of Company…**: This Tribunal vide an order dated 11th March 2019 admitted the said company petition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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