# In the matter of Anandtex International Private Limited CA No. 1052-2019 in CP (IB) No. 152-Chd-Hry-2018

> NCLT judgment dated 2019-12-06. Citation: TCN-2019-NCLT-00287. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 6 Dec 2019
- **Citation:** TCN-2019-NCLT-00287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anandtex-international-private-limited-ca-no-1052-2019-in-cp-ib-no-152-chd-hry-2-7991b7b7

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Anandtex International Private Limited. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Despite multiple invitations for Expression of Interest (EOI), no resolution plan was received within the stipulated time frame, including extensions. The Committee of Creditors (CoC) considered the lack of a resolution plan and the expiration of the CIRP period. An application for withdrawal under Section 12A was also not filed. Consequently, the CoC resolved to file an application for the liquidation of the corporate debtor.

## Facts

M/s Avon Cottex Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Anandtex International Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2019-02-20. Mr. Alok Kaushik was initially appointed as the Interim Resolution Professional (IRP), later replaced by Shri Naresh Kumar Sood. Despite publishing Form G multiple times, only one Expression of Interest (EOI) was received, and no resolution plan was submitted. The CIRP period, including extensions, expired on 2019-11-17. The Committee of Creditors (CoC) resolved to file for liquidation due to the absence of a resolution plan and the lack of an application for withdrawal under Section 12A. The CoC approved the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Anandtex International Private Limited, should be liquidated …

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

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**Reasoning:** The CIRP period, including extensions, expired on 2019-11-17, and no resolution plan was

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**Interpretation:** Section 33(1) mandates liquidation when the CIRP fails to produce a resolution

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

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** M/s Avon Cottex…
- **Respondents:** Anandtex Internati…; M/s Anandtex…

## Timeline

- **2019-02-20 — Admission of…**: The Adjudicating Authority admitted the petition under Section 9 of the Code for…
- **2019-04-26 — Replacement…**: The Interim Resolution Professional (IRP), Mr. Alok Kaushik, was replaced by Shri Naresh…

## 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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