Central Bank of India Vs Worlds Window Exim Pvt. Ltd. (NCLT New Delhi)
Summary: The captioned petition was preferred by the Resolution Professional in respect of M/s Worlds Window Exim Pvt. Ltd. seeking approval of the Resolution Plan. Central Bank of India had initiated CIRP against the Corporate Debtor alleging default of Rs. 175,96,47,674/- as on 22.03.2024. Following admission of IB-108/PB/2025, the CIRP commenced and Dickey Special Situation Investment Trust, through its Investment Manager Dickey Asset Management Private Limited, submitted the Resolution Plan and emerged as the successful Resolution Applicant.
Worlds Window Exim Private Limited was incorporated on 19.01.2006. Although its business was stated as sale and purchase of goods, the Resolution Plan also recorded that the company had been incorporated as an asset-holding company of its group companies and was not operative. The Tribunal noted from the record that the Corporate Debtor had been incorporated only to hold a land bank. Its 99.9999% equity shares were held by Worlds Window Infrastructure and Logistics Pvt. Ltd., while 0.0001% shares were held by Mr. Sandesh, a nominee of Worlds Window Infrastructure & Logistics Pvt. Ltd.
The Corporate Debtor had no workers or employees. As on 31.07.2025, claims of the Financial Creditors aggregated to INR 9,97,44,98,649. Against these claims, the Resolution Plan proposed a total payment of only INR 7 crore as upfront payment. The Plan stated that the amount had been arrived at on the basis of the commercial evaluation undertaken by the Resolution Applicant after diligence and examination of the information memorandum.
