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2026 Supreme(Online)(NCLT) 575
NATIONAL COMPANY LAW TRIBUNAL
Mohan P. Tiwari, J, Sanjeev Sharma, T
Mangesh Kekre, RP of Sun Petpack Jabalpur Pvt Ltd – Appellant
Versus
Ravi Gupta, Suspended Director – Respondent
IA(Liq)/2(MP)2025 in CP(IB)/28(MP)2023
For the Appellants/Petitioners: Ms. Ayushi Patidar, PCA
For the Respondents: Mr. Akshat Agrawal, Adv.
Liquidation proceedings on failure to approve a resolution plan under the Insolvency and Bankruptcy Code, affirming the Committee of Creditors' authority in commercial decisions.
Headnote:The matter concerns the application under section 33(2) of the Insolvency and Bankruptcy Code, 2016, for liquidation of M/s Sun Petpack Jabalpur Private Limited. The applicant seeks the appointment of a liquidator following the Committee of Creditors' decision. The court addresses procedural compliance during the Corporate Insolvency Resolution Process (CIRP) and the rejection of the resolution plan due to lack of approval. The response from the suspended director highlights the potential for a better resolution plan and claims of procedural irregularities. After reviewing, the tribunal concludes that liquidation is the appropriate course of action given there was no approved plan. The application for liquidation is thus permitted.
| Table of Content |
|---|
| 1. initiation of liquidation proceedings under the ibc. (Para 1 , 2 , 3) |
| 2. response to resolution professional's application. (Para 4) |
| 3. tribunal's authority in liquidation and procedural adherence. (Para 5 , 6 , 7) |
| 4. legal basis for liquidation order. (Para 8) |
| 5. outcome and directives for the liquidation process. (Para 9 , 10 , 11) |
ORDER
30.01.2026
1. The Present Application has been filed under section 33(2) of the Insolvency and Bankruptcy Code,2016 (‘the Code’) by the Resolution Professional, Mangesh Kekre, for liquidation of M/S SUN PETPACK JABALPUR PRIVATE LIMITED [Corporate Debtor], seeking following prayers:
a. to pass an order under Section 34 (1) of the Code for appointing M/s Efficax Resolution Professionals Private Limited, an Insolvency Professional Entity (Reg. No. IBBI/IPE-0153/IPA-3/2023-2024/50063) represented by Mr. Rakesh Jindal - Director of IPE as the Liquidator and to make public announcement inviting claims from stakeholders.
b. That, as per Section 33 (5) and, that subject to Section 52 of the Code, no suit or other legal proceedings shall be initiated by or against the Corporate Debtor except in relation to the transactions as may be notified by the Central Government; provided that a suit and other legal proceedings may be instituted by the Liquidator on behalf of the Corporate Debtor with prior approval of this Hon’ble AA.
c. The Order of Liquidation may, deemed to be a notice for discharge to the Officers, employees and workmen of the Corporate Debtor.
d. All power of the Board of Directors, Key managerial personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and all such powers shall be vested with the Liquidator.
e. The personnel of the Corporate Debtor shall extend full cooperation and assistance to the Liquidator in carrying out the liquidation process as specified under Section 35 of the Code.
2. The averments made by the Applicant in its application are as follows:
(i) The applicant submits that the Tribunal admitted Axis Bank Limited’s Section 7 IBC application on April 4, 2024, initiating CIRP against the Corporate Debtor, M/s Sun Petpack Jabalpur Private Limited. The order (Annexure P/1) is attached.
(ii) The Tribunal appointed Mr. Mangesh Kekre as Interim Resolution Professional (IRP) for the Corporate Debtor. The IRP then issued a Public Announcement in Form A on April 6, 2024, in Free Press Journal (Bhopal English edition) and Hari Bhoomi (Jabalpur Hindi edition), inviting creditors’ claims with proof.
(iii) The Creditors submitted claims to the IRP, who verified and collated them, leading to the constitution of a Committee of Creditors (CoC) under Section 21 of the IBC, comprising only one member—Axis Bank Limited—with 100% voting share. The applicant filed the List of Creditors and a CoC constitution report with the Tribunal on April 27, 2024, via I.A. 221/2024 (per Regulations 13(2)(d) and 17(1) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016), which was taken on record by order dated May 2, 2024; the CoC composition table details the creditor’s name and voting share.
3. Meetings of CoC:
(i) The applicant convened the first CoC meeting on May 4, 2024, where the IRP’s appointment as Resolution Professional was proposed, put to e-voting, and approved by the CoC, with voting concluding on May 15, 2024.
(ii) With CoC approval at the second meeting on June 4, 2024, the applicant published Form G on June 12, 2024, in The Economic Times (MP edition), The Pioneer (Raipur edition), Navbharat (Jabalpur edition), and Chautha Sansar (Indore edition), inviting EOIs with a submission deadline of June 27, 2024—but no parties submitted any.
(iii) To attempt resolution again, the CoC decided in its 3rd meeting on July 3, 2024, to republish Form G and approve eligibility criteria for Prospective Resolution Applicants (PRA). Form G was republished on July 8, 2024, in The Economic Times (MP edition), The Pioneer (Raipur ed
