In the matter of Nipman Fastners Industries Pvt. Ltd

IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI COURT-III SPECIAL BENCH ITEM No. 313 IB-908(ND)/2022 IA-6093/2025, IA-3923/2023, IA-4528/2023, Liquidation.A-21/2024, IA- 3342/2025, IA-4200/2024, IA-416/2024 IN THE MATTER OF: M/s. Joneja Bright Steels Pvt. Ltd. …. Petitioner/Applicant Vs. M/s. Nipman Fastners Industries Pvt. Ltd. …. Respondent Order under Section 9 of the Insolvency and Bankruptcy Code, 2016. Order delivered on 08.01.2026 CORAM : SHRI ASHOK KUMAR BHARDWAJ HON'BLE MEMBER (JUDICIAL) MS. REENA SINHA PURI HON’BLE MEMBER (TECHNICAL) HYBRID HEARING (PHYSICAL & VC) PRESENT: For Applicant : For Respondent : Ms. Bhavya Jain, Adv. For RP : Adv. Honey Satpal, Adv. Pooja Singh ORD ER IA-6093/2025: The application has been moved for the advancement of the hearing of Liquidation.A-21/2024. Since, the liquidation application is scheduled to be heard today, the application has become infructuous and stands disposed of as infructuous. Liquidation.A-21/2024: The prayer made in the captioned application reads thus:

Our attention is drawn to the Resolution dated 01.04.2024 passed in 16th meeting of CoC. The relevant excerpt for the Resolution has been quoted/ reproduced in para 56 of the application which reads as thus:-

As can be seen from the provisions of Section 33(2) of IBC 2016, if the CoC decide that the Corporate Debtor should be liquidated, this Tribunal should pass order with reference to such decision taken by the CoC. Section 33(1)(2) of IBC 2016, reads thus:-

2. Once the CoC has passed a Resolution for Liquidation of the Corporate Debtor, with 84.38% vote share, we have no option except to pass an order as per provisions of Section 23 (1) of the Code. In the wake, the application is allowed and the Corporate Debtor is ordered to be liquidated. We further appoint Mr. Dharmendra Kumar, having Reg. No: IBBI/IPA-003/IP-N00112/2017-2018/11264 and e-mail ID: kumard36@hotmail.com as Liquidator qua the Corporate Debtor to carry out the liquidation process inter alia in terms of the following directions:- a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 (viz. Sections 35, 36, 38, 39 and 41 thereof) and other relevant rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended up to date, enjoined upon him. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/ employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent preferences and file a suitable application before this Adjudicating Authority. d) In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department.

In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. e) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. f) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company applications during the process of liquidation. g) The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per regulation. 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further reports as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority. h) Copy of this order be sent to the financial creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation process of the Corporate Debtor, viz., company-in-liquidation. i) The Registry is directed to communicate this order to the Registrar of Companies, having jurisdiction over the Corporate Debtor and the Insolvency and Bankruptcy Board of India; 3. It goes without saying that fee of the Liquidator would be payable in terms of the provisions of Section 34(7) of the IBC, 2016 read with Regulation 4 of IBBI (Liquidation Process) Regulation 2016.

IA-4528/2023, IA-3342/2025, IA-4200/2024, IA-416/2024: As prayed by the Ld. Counsels for the RP, the hearing is deferred to 12.02.2026.

-Sd- -Sd- (REENA SINHA PURI) (ASHOK KUMAR BHARDWAJ) MEMBER (TECHNICAL) MEMBER (JUDICIAL) PRIYANKA PATEL