# In the matter of Chaudhary Ingots Pvt. Ltd. I.A. No. 22 & 308-2021 in C.P. (IB) No. 356-ALD-2021

> NCLT judgment dated 2021-11-29. Citation: TCN-2021-NCLT-00364. The case involves an application for liquidation of the Corporate Debtor, Chaudhary Ingots Pvt.…

- **Court:** NCLT
- **Order date:** 29 Nov 2021
- **Citation:** TCN-2021-NCLT-00364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/chaudhary-ingots-pvt-ltd-ia-no-22-308-2021-in-cp-ib-no-356-ald-2021-d6ecee45

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, Chaudhary Ingots Pvt. Ltd., under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by the Financial Creditor, Shriyank Wadhwa, under Section 7 of the Code. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) resolved with 97.04% voting share to recommend liquidation.

## Facts

Shriyank Wadhwa, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Chaudhary Ingots Pvt. Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Devendra Singh was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Sandeep Goel as the Resolution Professional (RP). Despite inviting expressions of interest, no resolution plan was received for the Corporate Debtor. The Committee of Creditors (CoC) resolved with 97.04% voting share on 2020-11-23 to recommend liquidation. The RP then filed an application under Section 33(2) of the Code for liquidation. The Adjudicating Authority considered this application, noting that no resolution plan had been

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Chaudhary Ingots Pvt. Ltd., under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) resolved with 97.04% voting share to liquidate the

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CIRP fails to

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**Application:** In this case, the CoC's decision, supported by a significant majority, and the

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Shriyank…
- **Respondents:** Chaudhary Ingots…

## Timeline

- **2020-01-03 — Order for CIRP…**: The Adjudicating Authority directed initiation of the Corporate Insolvency Resolution…
- **2020-03-13 — RP Appoin…**: Sandeep Goel was appointed as the Resolution Professional ('RP'), replacing the Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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