# KNK Ship Management vs. Thirani Industries

> NCLT judgment dated 2026-06-01. Citation: TCN-2026-NCLT-00551. KNK Ship Management, an Operational Creditor, sought to initiate Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 1 Jun 2026
- **Citation:** TCN-2026-NCLT-00551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/knk-ship-management-vs-thirani-industries-2tfnr

## Summary

### Background

KNK Ship Management, an Operational Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Thirani Industries Ltd., a Corporate Debtor, for an unpaid operational debt of Rs. 2,25,87,068/-. The initial application was rejected by the National Company Law Tribunal (NCLT) on 24.09.2024, citing an invalid demand notice and a pre-existing dispute regarding deficiency of service.

## Facts

KNK Ship Management (Operational Creditor) filed C.P. (IB) 540/ND/2022 under Section 9 of the IBC to initiate CIRP against Thirani Industries Ltd. (Corporate Debtor) for an operational debt of Rs. 2,25,87,068/-.

The Adjudicating Authority (NCLT) rejected this application on 24.09.2024, citing an invalid Demand Notice and a pre-existing dispute regarding deficiency of service.

Aggrieved by this rejection, KNK Ship Management filed Company Appeal (AT) Insolvency No. 2149 of 2024 before the Hon'ble NCLAT.

The Hon'ble NCLAT, through its order dated 11.09.2025, allowed the appeal and set aside the NCLT's order dated 24.09.2024.

…

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be initiated against Thirani …

**Ratio:** An appellate tribunal's decision to set aside a lower authority's rejection of a CIRP

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**Reasoning:** The NCLAT's order dated 11.09.2025 in Company Appeal (AT) Insolvency No. 2149 of 2024 set

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**Interpretation:** The setting aside of a rejection order by an appellate body means the original

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**Application:** The NCLT, in compliance with the NCLAT's order, admits the CIRP application

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** KNK Ship Managemen…
- **Respondents:** Thirani Ind…
- **Other parties:** Reshma M…
- **Advocates:** Gautam Kha…; Suruchi J…

## Timeline

- **2024-09-24 — Initial CIRP Application…**: The Adjudicating Authority (NCLT) rejected the application for initiation of CIRP against…
- **2025-09-11 — NCLAT Allows…**: The Hon'ble NCLAT passed an order in Company Appeal (AT) Insolvency No. 2149 of 2024,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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