# In the matter of Advance Navotpad Surfactants Ltd. C.A. 177 (PB) -2019 in Company Petition No. (IB)-441 (PB) -2018

> NCLT judgment dated 2019-08-09. Citation: TCN-2019-NCLT-01981. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 9 Aug 2019
- **Citation:** TCN-2019-NCLT-01981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-navotpad-surfactants-ltd-ca-177-pb-2019-in-company-petition-no-ib-441-pb-74ad95ac

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the corporate debtor, M/s. Advance Navotpad Surfactants Limited. Bank of India, the financial creditor, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 27.09.2018, and Mr. Sethurathnam Ravi was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors, and only one claim from Bank of India was received. The Committee of Creditors (CoC) was constituted with Bank of India as its sole member. The IRP was appointed as the Resolution

…

## Facts

The financial creditor, Bank of India, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Advance Navotpad Surfactants Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 27.09.2018. Mr. Sethurathnam Ravi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Only one claim was received from Bank of India. The Committee of Creditors (CoC) was formed with Bank of India as the sole member. The RP appointed valuers and a forensic auditor. An Expression of Interest (EOI) was invited, and M/s KMG Industrial Traders Private Limited initially submitted an EOI but later withdrew. An extension of 90 days for the CIRP was granted on 27.03.2019. A second EOI

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. Advance Navotpad Surfactants …

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

…

**Reasoning:** The court reasoned that the resolution plan submitted by KLJ Resources Ltd. was rejected

…

**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails, and no resolution

…

**Application:** The court applied Section 33(2) to the facts of the case, noting that the CIRP

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Respondents:** M/s Advance…

## Timeline

- **2018-09-27 — Admission of CIRP…**: The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by…
- **2018-10-29 — Appointment of…**: The Interim Resolution Professional (IRP) was appointed as the Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/advance-navotpad-surfactants-ltd-ca-177-pb-2019-in-company-petition-no-ib-441-pb-74ad95ac