# In the matter of Cryo-Save (India) Pvt. Ltd. I.A. No. 38 of 2020 in C.P. (IB) No. 171-BB-2018

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01772. The case pertains to I.A. No. 38 of 2020 filed in C.P. (IB) No.171/BB/2018 by Ms. Subramaniam…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cryo-save-india-pvt-ltd-ia-no-38-of-2020-in-cp-ib-no-171-bb-2018-26b0857b

## Summary

### Background

The case pertains to I.A. No. 38 of 2020 filed in C.P. (IB) No.171/BB/2018 by Ms. Subramaniam Aneetha, the Resolution Professional of M/s. Cryo-Save (India) Pvt Ltd, seeking an order for liquidation of the Corporate Debtor under Section 33(1) & (2) of the I&B Code, 2016, and to appoint the RP as the liquidator. The Corporate Debtor is in the business of stem cell banking. Due to its inability to collect receivables, the Corporate Debtor filed a petition under Section 10 of the Code. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) and appointed the Applicant as the Interim Resolution Professional (IRP).

## Facts

M/s. Cryo-Save (India) Pvt Ltd, the Corporate Debtor, is in the business of stem cell banking. The Corporate Debtor operated with 8 branches in major cities and 45 franchise locations. The Corporate Debtor's laboratory was accredited by the National Accreditation Board for Testing and Calibration. Due to its inability to collect receivables amounting to Rs.4.98 Crores against liabilities of Rs.8.63 Crores, the Corporate Debtor filed a petition under Section 10 of the Code. The Adjudicating Authority initiated CIRP and appointed an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor as there were no prospects of revival. The Resolution Professional informed the CoC that a sum of Rs.4.98 Crores

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Cryo-Save …

**Ratio:** Section 33(1) & (2) of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Reasoning:** The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor

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**Interpretation:** The interpretation of Section 33(1) & (2) of the IBC allows the

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**Application:** Given the CoC's decision and the lack of prospects for revival, the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s Cryo-Save…; S A Assoc…

## Timeline

- **2019-08-09 — Order placing Corporate…**: The Adjudicating Authority placed the Corporate Debtor under Corporate Insolvency…
- **2019-08-19 — IRP Assumed…**: The Interim Resolution…

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