# In the matter of Ess Dee Aluminium Limited IA (IB) No. 699-KB-2021 in CP (IB) No. 1284-KB-2019

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00778. The case pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00778
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ess-dee-aluminium-limited-ia-ib-no-699-kb-2021-in-cp-ib-no-1284-kb-2019-b214d384

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Ess Dee Aluminium Limited, due to the non-approval of a resolution plan by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Deepika Bhugra Prasad was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

## Facts

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Ess Dee Aluminium Limited. Deepika Bhugra Prasad was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). A public announcement was made on 20.02.2020, inviting claims, with a deadline of 02.03.2020. The Committee of Creditors (CoC) was duly constituted with nine financial creditors. The RP received five Expressions of Interest (EOIs), but only one resolution plan was submitted by Molisati Vinimay Private Limited. This plan was presented to the CoC on 20.04.2021 but was rejected by a vote of 84.78%. Consequently, the RP filed an

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ess Dee Aluminium Limited, should …

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

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**Reasoning:** The Committee of Creditors (CoC) rejected the resolution plan with a voting share of

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the CoC's decision to reject the resolution plan with 84.78%

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Ess Dee Aluminium…

## Timeline

- **2020-02-14 — Order by Adjudicating…**: The Adjudicating Authority ordered the initiation of the Corporate Insolvency Resolution…
- **2020-02-20 — Public Annou…**: Public announcement was made in various newspapers, including Financial Express,…

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