# In the matter of Camson Bio Technologies Ltd. I.A. No. 442 of 2020 in C.P. (IB) No. 52-BB-2017

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00165. The case involves an application (I.A.No.442 of 2020) filed by Suresh Kannan, the Resolution…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/camson-bio-technologies-ltd-ia-no-442-of-2020-in-cp-ib-no-52-bb-2017-a3c9a404

## Summary

### Background

The case involves an application (I.A.No.442 of 2020) filed by Suresh Kannan, the Resolution Professional of M/s. Camson Bio Technologies Ltd, under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks the initiation of liquidation proceedings for the Corporate Debtor and the appointment of the applicant as the liquidator.

## Facts

M/s. Randstand India Private Limited filed a Company Petition (C.P.(IB)No.52/BB/2017) under Section 9 of the IBC, which was admitted on 2018-06-14, initiating CIRP for M/s. Camson Bio Technologies Ltd. Ms. Medha Kulkarni was initially appointed as the Interim Resolution Professional (IRP), and subsequently, Suresh Kannan was appointed as the Resolution Professional (RP) by the COC. The RP sought exclusion of 420 days from the CIRP period due to a stay order from the High Court of Karnataka, which was granted. The RP also sought an extension of time for completing the CIRP, which was allowed. Despite efforts to find a resolution plan, including issuing public notices and seeking expressions of interest, no viable resolution plan was received. The COC, in its meeting on

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Camson Bio Technologies Ltd, should be liquidated due to the …

**Ratio:** Section 33(2) of the IBC, 2016 allows the Adjudicating Authority to order the liquidation

…

**Reasoning:** The court reasoned that despite the efforts of the Resolution Professional and the COC,

…

**Interpretation:** Section 33(2) provides a mechanism for situations where the CIRP is

…

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

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Suresh K…
- **Respondents:** M/s. Camson Bio…

## Timeline

- **2017-01-01 — Main Company…**: M/s.Randstand India Private Limited filed C.P.(IB)No.52/BB/2017 under Section 9 of the…
- **2018-06-14 — CIRP Init…**: The Adjudicating Authority admitted the Company Petition and initiated CIRP for M/s.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/camson-bio-technologies-ltd-ia-no-442-of-2020-in-cp-ib-no-52-bb-2017-a3c9a404