# In the matter of V S MATRIX PRIVATE LIMITED

> NCLT judgment dated 2025-08-21. Citation: TCN-2025-NCLT-01231. The case involves multiple applications related to the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 21 Aug 2025
- **Citation:** TCN-2025-NCLT-01231
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/v-s-matrix-private-limited-99533bb1

## Summary

### Background

The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of M/s V.S. Matrix Pvt. Ltd. initiated by Peejay Finance Company Limited. IDBI Bank Limited, a financial creditor, filed applications seeking the removal and replacement of the Resolution Professional. The CIRP faced delays and complications, including the suspension of the initial Resolution Professional and disputes over claim admissions.

## Facts

An application was filed by M/s Peejay Finance Company Limited to initiate CIRP against M/s V.S. Matrix Pvt. Ltd.

The Adjudicating Authority admitted the application on 30.08.2019, declared a moratorium, and appointed Mr. Vineet Aggarwal as Interim Resolution Professional (IRP).

Mr. Vineet Aggarwal was later appointed as the Resolution Professional by the Committee of Creditors (CoC) on 07.11.2019.

IDBI Bank Limited filed I.A. No. 985 of 2022 seeking removal and replacement of the Resolution Professional.

IBBI suspended the registration of the erstwhile Resolution Professional for two years.

Mr. Bimal Kumar Sharma was appointed as the new Resolution Professional on 24.05.2023.

…

## Issues and analysis

### Issue 1: Whether the CIRP period can be extended beyond the statutory maximum in the absence of a resolution …

**Ratio:** Section 33(1)(a) of the Code mandates liquidation where no resolution plan is received

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**Reasoning:** The use of 'shall' in Section 33(1)(a) makes the provision mandatory. The commercial

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**Interpretation:** The Adjudicating Authority is duty-bound to pass an order for Liquidation once

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**Application:** The Adjudicating Authority found that the CIRP period had expired without a

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** M/S. PEEJAY…; M/s IDBI Bank…
- **Respondents:** M/S. V.S. MATRIX…; BIMAL KUMAR…; +8 more
- **Other parties:** HDFC Bank…; Vineet Ag…; +1 more
- **Advocates:** Gautam Si…; Rajat Cha…; +8 more

## Timeline

- **30.08.2019 — CIRP Commen…**: CIRP commenced against M/s V.S. Matrix Pvt. Ltd. pursuant to an order of admission under…
- **07.11.2019 — RP Appoin…**: Mr. Vineet Aggarwal was appointed as the Resolution Professional by the Committee of…

## 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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