# 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-02245. 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-02245
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acaricide-india-private-limited-ia-no-39-2020-in-cpibno-540-9-hdb-2019-9d8357a4

## 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 RP. The RP 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 efforts to find a resolution

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## Facts

Acaricide India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after the admission of a company petition on 09.07.2019. Mr. Madasa Kumar was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The RP took control of the company's assets, including a piece of land admeasuring Ac 5.32 offered as collateral security to SBI. The company's unit was not operational at the time of the RP's visit and takeover. The Committee of Creditors (CoC) was formed, and meetings were held. Despite efforts to find a resolution plan, including the publication of Form-G, no viable resolution plans were received. The CoC, in its 6th meeting held on 12.12.2019, decided to liquidate the company. The RP filed

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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 for the

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Sub-Section

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

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**Application:** In this case, the CIRP failed to produce a resolution plan despite efforts to

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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 — RP Takes C…**: 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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