# In the matter of Emsons Organics Limited IA No. 560-2020 In CP (IB) No. 153-Chd-Pb-2019

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00079. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emsons-organics-limited-ia-no-560-2020-in-cp-ib-no-153-chd-pb-2019-04b4b95b

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Emsons Organics Limited based on an application filed by Parmod Sharma under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 27.09.2019. Initially, Ms. Taruna Goel was appointed as the Interim Resolution Professional (IRP), but later, Mr. Prem Chand Goyal replaced her as the Resolution Professional (RP). Despite publishing Form-G to invite Expressions of Interest (EOI), no resolution plan was received. Consequently, the Committee of Creditors (CoC) resolved to liquidate the corporate debtor.

## Facts

Parmod Sharma, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Emsons Organics Limited by filing CP (IB) No. 153/Chd/Pb/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 27.09.2019. Initially, Taruna Goel was appointed as the Interim Resolution Professional (IRP), but she was later replaced by Prem Chand Goyal as the Resolution Professional (RP) on 30.10.2019. Form-G was published on 11.12.2019 to invite Expressions of Interest (EOI) from prospective resolution applicants, but no EOI was received. The CIRP period was extended by 90 days beyond the original 180 days, as per the order dated 18.03.2020. Despite the extension, no resolution plan was received. Consequently, in the 5th

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that the CoC, after evaluating the assets and liabilities of the

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**Interpretation:** Section 33(2) grants the CoC the authority to decide on liquidation before a

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**Application:** In this case, the CoC resolved to liquidate Emsons Organics Limited because no

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Parmod S…
- **Respondents:** Emsons Organics…
- **Advocates:** Pulkit…; Komal A…

## Timeline

- **2019-09-27 — Admission of Ap…**: Application under Section 9 of IBC filed by Parmod Sharma against Emsons Organics Limited…
- **2019-10-30 — Replacement…**: Prem Chand Goyal replaced Taruna Goel…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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