# In the matter of Bripranil Industries Ltd. IA No. 1166/KB-2020 in CP (IB) No. 198-KB-2018

> NCLT judgment dated 2021-01-11. Citation: TCN-2021-NCLT-03326. The case pertains to IA No. 1166/KB/2020 in CP (IB) No. 198/KB/2018 filed under Section 33 of…

- **Court:** NCLT
- **Order date:** 11 Jan 2021
- **Citation:** TCN-2021-NCLT-03326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bripranil-industries-ltd-ia-no-1166kb-2020-in-cp-ib-no-198-kb-2018-16cc53e4

## Summary

### Background

The case pertains to IA No. 1166/KB/2020 in CP (IB) No. 198/KB/2018 filed under Section 33 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bripranil Industries Ltd. based on a petition filed under Section 10 of the IBC. An Interim Resolution Professional (IRP) was appointed. Public announcement was made, and a Committee of Creditors (CoC) was constituted. Despite invitations, no resolution plan was received. The CoC then resolved to liquidate the Corporate Applicant.

## Facts

Bripranil Industries Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered because no resolution plan was received. An Interim Resolution Professional (IRP), Abhijeet Jain, was appointed. A public announcement was made on 2019-12-22, setting 2020-01-01 as the last date for submitting claims. The Committee of Creditors (CoC) was formed with three Financial Creditors and was duly constituted by 2020-01-10. The first CoC meeting occurred on 2020-01-17, where the IRP was appointed as the RP. An invitation for Expression of Interest (EoI) was published on 2020-03-02, with a deadline of 2020-03-17, but no EoIs were received. The CIRP period was to expire on 2020-06-15. The CoC,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Applicant, Bripranil Industries Ltd., …

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

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**Reasoning:** The court reasoned that since no resolution plan was received and the CoC, with 100%

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when a resolution plan

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**Application:** In this case, the CoC unanimously (100% voting share) resolved to liquidate

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Abhijeet…
- **Respondents:** Bripranil…

## Timeline

- **2019-12-18 — Order for CIRP…**: Adjudicating Authority ordered initiation of Corporate Insolvency Resolution Process…
- **2019-12-22 — Public Annou…**: Public announcement made in…

## 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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