# Central Bank of India vs. M/s Worlds Window Exim Pvt. Ltd.

> NCLT judgment dated 2026-08-14. Citation: TCN-2026-NCLT-00837. Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s…

- **Court:** NCLT
- **Order date:** 14 Aug 2026
- **Citation:** TCN-2026-NCLT-00837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/central-bank-of-india-vs-ms-worlds-window-exim-pvt-ltd-zfh7h

## Summary

### Background

Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Worlds Window Exim Pvt. Ltd. (Corporate Debtor - CD) due to a default of Rs. 175,96,47,674/- as on 22.03.2024. The CD was incorporated as an asset holding company, not operative in sales and purchase of goods. A Resolution Plan was submitted by Dickey Special Situation Investment Trust, offering Rs. 7 Crores (INR 7,00,00,000) as upfront payment against total admitted financial creditor claims of INR 9,93,37,13,006. The Fair Value of the CD was Rs. 21,30,53,919/- and its Liquidation Value was Rs. 9,42,25,758/-. Punjab National Bank, a secured financial creditor, dissented from the Resolution Plan.

## Facts

The captioned petition was preferred by the RP seeking approval of the Resolution Plan for M/s Worlds Window Exim Pvt. Ltd.

Central Bank of India initiated CIRP against the Corporate Debtor (CD) alleging default in repayment of Rs. 175,96,47,674/- as on 22.03.2024.

The CIRP commenced upon admission of IB-108/PB/2025.

Dickey Special Situation Investment Trust, through its investment Manager Dickey Asset Management Private Limited, submitted the Resolution Plan and emerged successful (SRA).

The CD, Worlds Window Exim Private Limited (WWEPL), was incorporated on 19.01.2006.

The business of the CD was sales and purchase of goods, but it was incorporated as an asset holding company of its group companies and is not operative.

The CD was incorporated only to hold a land bank.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan, which offers a value significantly less than the liquidation value, is …

**Ratio:** A Resolution Plan offering a value to a dissenting secured Financial Creditor that is

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**Reasoning:** The Tribunal observed that while it generally does not interfere with asset valuation or

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**Interpretation:** Section 30(2)(b) of the IBC, 2016, read with Explanation 1, mandates that a

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**Application:** Given that the Resolution Plan offered Rs. 7 Crores against a liquidation value

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ATUL CHATURVED…
- **Appellants:** Central Bank of…; Manish Ag…
- **Respondents:** M/s Worlds Window…; Worlds Window…; +1 more
- **Other parties:** CoC…; Prudent ARC…; +11 more
- **Advocates:** Abhishek…; Kunal God…; +1 more

## Timeline

- **2006-01-19 — Incorporatio…**: Worlds Window Exim Private…
- **2015-01-28 — Security Interest…**: Un-dated Memorandum of Deposit of Title Deeds (MODT) with stamp paper dated 28.01.2015…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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