# In the matter of Bhoomi Ginning Pressing Pvt. Ltd. & Ors. IA 709-2019 in CP(IB) 113-2018

> NCLT judgment dated 2019-12-09. Citation: TCN-2019-NCLT-00279. The case involves an application filed under Section 33(1), 33(2) & 34(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 9 Dec 2019
- **Citation:** TCN-2019-NCLT-00279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhoomi-ginning-pressing-pvt-ltd-ors-ia-709-2019-in-cpib-113-2018-9e2fe5d4

## Summary

### Background

The case involves an application filed under Section 33(1), 33(2) & 34(1) of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional seeking liquidation of the Corporate Debtor Company, Bhoomi Ginning Pressing Pvt. Ltd & Ors. The Adjudicating Authority had previously initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 04.04.2019 under Section 10 of the Insolvency & Bankruptcy Code, 2016, appointing a Resolution Professional. The IRP made a public announcement inviting claims, with a deadline of 19.04.2019.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhoomi Ginning Pressing Pvt. Ltd & Ors. on 04.04.2019. The IRP made a public announcement inviting claims. No Expression of Interest (EOI) was received, and 180 days had passed since the commencement of CIRP on 01.10.2019. The Committee of Creditors (CoC) determined that reviving the company was not feasible due to obsolete machinery. The CoC, in its 4th meeting dated 13.03.2019, resolved with a 100% voting share to liquidate the Corporate Debtor. The Resolution Professional (RP) filed an application seeking a liquidation order. The sole financial creditor is State Bank of India, holding 100% voting rights. IRP Shri Vinod Tarachand Agrawal was replaced by Shri Premraj Ratan Laddha.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Bhoomi Ginning Pressing Pvt. Ltd & Ors., should be liquidated …

**Ratio:** Section 33 of the Insolvency & Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The CoC, being of the opinion that it is not possible to revive the company at this

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** Given the CoC's decision and the lack of a resolution plan, the Adjudicating

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## Parties

- **Judges:** Manorama…; Prasanta Kumar…
- **Appellants:** Miren J. T…
- **Respondents:** Bhoomi Ginning…; Bhoomi Ginning…
- **Advocates:** Miren J. T…

## Timeline

- **2019-04-04 — Order for CIRP…**: Adjudicating Authority passed an order under Section 10 of the Insolvency & Bankruptcy…
- **2019-04-04 — Appointment of…**: Resolution Professional was appointed…

## 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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