# 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-00171. The case involves an application (I.A.No.442 of 2020) filed in an ongoing corporate insolvency…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00171
- **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-e9dd7f7c

## Summary

### Background

The case involves an application (I.A.No.442 of 2020) filed in an ongoing corporate insolvency resolution process (CIRP) against M/s. Camson Bio Technologies Ltd. The CIRP was initiated based on a petition filed by M/s. Randstand India Private Limited. The applicant, Suresh Kannan, is the Resolution Professional (RP) appointed for the Corporate Debtor. The CIRP faced delays and challenges, including a stay order from the High Court of Karnataka and difficulties in finding a viable resolution plan.

## Facts

M/s. Randstand India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Camson Bio Technologies Ltd. The Adjudicating Authority admitted the petition on 2018-06-14 and appointed an Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (COC) appointed Suresh Kannan as the Resolution Professional (RP). The RP filed an application seeking exclusion of a period of 420 days due to a stay order from the High Court of Karnataka, which was granted. Despite efforts to find a resolution plan, including issuing public notices and appointing registered valuers, no viable resolution plan was received. The COC, in its meeting held on 2020-09-05, resolved to liquidate the Corporate Debtor and approved the appointment of the

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## 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

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**Reasoning:** The court noted that the Resolution Professional and the COC made their best efforts to

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the CIRP failed because no viable resolution plan was received

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## Parties

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

## Timeline

- **2018-06-14 — CIRP Admi…**: The Adjudicating Authority admitted the Company Petition and initiated CIRP against the…
- **2019-09-23 — RP Appoin…**: The COC appointed the Applicant…

## 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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