# In the matter of Aastha Surgimed Pvt. Ltd. IA No. 146-ND-2020 in Company Petition No. (IB)-991(ND)-2018

> NCLT judgment dated 2021-02-23. Citation: TCN-2021-NCLT-02950. The Resolution Professional filed an application under Section 33(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Feb 2021
- **Citation:** TCN-2021-NCLT-02950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aastha-surgimed-pvt-ltd-ia-no-146-nd-2020-in-company-petition-no-ib-991nd-2018-ac804f07

## Summary

### Background

The Resolution Professional filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Aastha Surgimed Ltd., and the appointment of a liquidator. The application was filed after the CIRP period expired on 04.01.2020, and the CoC did not approve any resolution plan or an extension of the CIRP period. The CIRP was initiated based on an application filed by the Operational Creditor, M/s Universal Enterprises, under Section 9 of the IBC, and Mr. Jatin Madan was appointed as the Interim Resolution Professional on 01.08.2019. The CIRP suffered delays due to non-cooperation from the suspended Directors of the Corporate Debtor.

## Facts

M/s Universal Enterprises, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aastha Surgimed Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and Mr. Jatin Madan was appointed as the Interim Resolution Professional (IRP) on 01.08.2019. The CIRP faced delays due to non-cooperation from the suspended Directors of Aastha Surgimed Ltd. An application was filed under Section 19(2) of the IBC seeking cooperation from the Directors. The initial 180-day resolution period was extended by 90 days until 06.10.2019. The extended period expired on 04.01.2020. The Committee of Creditors (CoC) did not pass a resolution to exclude 150 days from the CIRP period. In the 6th CoC meeting on

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Aastha Surgimed Ltd., under …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates that where the

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**Reasoning:** The CIRP period of 270 days had expired on 04.01.2020, and no resolution plan was

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**Interpretation:** Section 33(1) provides a clear directive for liquidation when the CIRP fails to

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**Application:** Since the CIRP period had expired without a resolution plan and the CoC had

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Jatin M…
- **Respondents:** Aastha Surgimed…; M/s Universal…
- **Advocates:** Kush Sh…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-08-01 — CIRP Initiation and…**: CIRP initiated based on application by M/s Universal Enterprises. Mr. Jatin Madan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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