# In the matter of Acaricide India Private Limited IA No. 39-2020 in CP(IB)No. 540-9-HDB-2019

> NCLT judgment dated 2020-01-21. Citation: TCN-2020-NCLT-02237. The case involves an application (IA No. 39/2020) filed in CP(IB) No. 540/9/HDB/2018 by the…

- **Court:** NCLT
- **Order date:** 21 Jan 2020
- **Citation:** TCN-2020-NCLT-02237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acaricide-india-private-limited-ia-no-39-2020-in-cpibno-540-9-hdb-2019-3efc4728

## Summary

### Background

The case involves an application (IA No. 39/2020) filed in CP(IB) No. 540/9/HDB/2018 by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order for the liquidation of the Corporate Debtor, Acaricide India Private Limited, and the appointment of the RP as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated after the Adjudicating Authority admitted a company petition on 09.07.2019 and appointed the applicant as the Interim Resolution Professional (IRP), who later continued as the Resolution Professional. The IRP visited the Corporate Debtor's registered office and unit, took control of the records and assets, and convened meetings of the Committee of Creditors (CoC). Despite

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## Facts

Acaricide India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after a company petition was admitted on 09.07.2019. Mr. Madasa Kumar was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The IRP visited the company's registered office and unit, taking control of records and assets. The company's unit was located at Satuluru Village, Nadendla Mandal, Guntur Dist, and owned a piece of land admeasuring Ac 5.32. The unit was not in operation at the time of the visit and takeover by the RP, and it had been defunct since June 2019. The Committee of Creditors (CoC) was formed, and meetings were held. Despite efforts to find a resolution plan, including publishing Form-G to invite

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Acaricide India Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the

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**Interpretation:** Section 33(2) of the IBC provides a clear pathway for liquidation when the CIRP

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**Application:** In this case, the CIRP failed to produce a resolution plan, and the CoC decided

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** VIP Indus…
- **Respondents:** Acaricide India…; Acaricide India…

## Timeline

- **2019-07-09 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition bearing No. CP (IB) No.…
- **2019-07-19 — IRP Visi…**: The IRP visited the Registered Office of the Corporate Debtor and took control of the…

## Legal provisions

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

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