Authority: National Company Law Tribunal, Court-VI, New Delhi Bench

Order Date: 10 July 2026

Case Overview

The application IA 1436/ND/2023 was filed by Mr. Kapil Dev Taneja, Resolution Professional of Worlds Window Impex India Private Limited, seeking liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated against the Corporate Debtor on 23 December 2021 based on a petition filed by State Bank of India under Section 7 of the Code. Mr. Sanjay Gupta (IBBI Reg. No. IBBI/IPA-003/IP-N00047/2017-18/10354) was initially appointed as Interim Resolution Professional.

The CIRP process included a public announcement in Financial Express on 25 December 2021, with the claims submission deadline of 7 January 2022. Only one operational creditor and three financial creditors submitted claims. The Committee of Creditors (CoC) was constituted, and Form G was published on 14 March 2022 in Economic Times and Jansatta newspapers inviting Expressions of Interest. Five EOIs were received, and two resolution plans were ultimately submitted by RKG Fund-I (a Scheme of RKG Trust managed by RKG Asset Management LLP) and Dickey Asset Management Private Limited by the extended deadline of 31 August 2022.

In the 13th CoC meeting on 3 October 2022, members identified non-commercial deficiencies in both plans and gave the resolution applicants opportunity to rectify. After deliberations in the 16th CoC meeting on 9-10 November 2022, both plans were put to vote and rejected by the CoC with 98.26% voting share on 13 January 2023. Subsequently, in the 19th CoC meeting on 16 January 2023, the CoC resolved with 98.26% voting share to liquidate the corporate debtor and recommended appointing Mr. Anand Sonbhadra (IBBI Reg. No. IBBI/IPA-001/IP-P00739/2017-2018/11771) as liquidator.

The suspended management initially filed objections to the liquidation application but subsequently withdrew them, which was recorded by the Adjudicating Authority on 13 April 2026.

Final Outcome

The NCLT allowed the application and ordered liquidation of Worlds Window Impex India Private Limited under Section 33(1) of the IBC. However, due to the Insolvency and Bankruptcy Code (Amendment) Act, 2026, which amended Section 34(1), the tribunal did not appoint the CoC-recommended liquidator but instead appointed Mr. Shamsher Bahadur Singh (IBBI Reg. No. IBBI/IPA-003/0341/2021-2022/13623, email: shamsher_cs@yahoo.co.in) from the panel forwarded by IBBI as the liquidator. The liquidator is directed to file written consent in prescribed format along with valid Authorisation for Assignment within 7 days from the order date.

The order includes comprehensive directions for the liquidation process: (a) initiation of liquidation process under Chapter-III of the Code following IBBI Liquidation Process Regulations, 2016; (b) application of moratorium under amended IBC provisions; (c) cessation of all powers of Board of Directors and key managerial persons; (d) requirement for corporate debtor personnel to extend cooperation to liquidator; (e) discharge notice to officers, employees and workmen; (f) follow-up of pending applications and recovery of dues; (g) submission of preliminary report within thirty days from liquidation commencement date; and (h) communication of order to Corporate Debtor, CoC members, Liquidator, IBBI and RoC, Delhi.

Topics: Corporate Insolvency, Liquidation Order, Committee of Creditors