# In the matter of G P Cottfab Pvt. Ltd. IA No. 119-JPR-2020 in CP No. (IB) 159-9-JPR-2019

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02860. The case pertains to IA No. 119/JPR/2020 filed by the Resolution Professional (RP) of G.P…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02860
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/g-p-cottfab-pvt-ltd-ia-no-119-jpr-2020-in-cp-no-ib-159-9-jpr-2019-d6511863

## Summary

### Background

The case pertains to IA No. 119/JPR/2020 filed by the Resolution Professional (RP) of G.P Cottfab Private Limited under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Liquidation Proceedings against the Corporate Debtor, G.P Cottfab Private Limited. The Adjudicating Authority had admitted the application filed by M/s Sona Processors (India) Limited under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor and appointed Mr. Prashant Aggarwal as the Interim Resolution Professional (IRP). The CoC was constituted, and in its first meeting, it unanimously resolved to replace the IRP, leading to the appointment of Ms. Sarita Duck as the Resolution Professional. The RP had

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## Facts

M/s Sona Processors (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against G.P. Cottfab Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 12.09.2019. Mr. Prashant Aggarwal was initially appointed as the Interim Resolution Professional (IRP), but the Committee of Creditors (CoC) later replaced him with Ms. Sarita Duck. The RP appointed five registered valuers to assess the Corporate Debtor's assets. The IRP had issued Form G on 26.11.2019, inviting Expressions of Interest (EOI) from prospective resolution applicants. The deadline for submitting the EOI was 16.12.2019, and the deadline for submitting the resolution plan was 30.01.2020. No resolution plan was received by 16.12.2019,

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## Issues and analysis

### Issue 1: Whether the application for liquidation filed by the Resolution Professional is maintainable under …

**Ratio:** Section 33 of the IBC, 2016, allows the Adjudicating Authority to order the liquidation

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**Reasoning:** The CoC, in its 5th meeting, unanimously resolved to liquidate the Corporate Debtor as no

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**Interpretation:** Section 33 provides the circumstances under which the Adjudicating Authority

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**Application:** Since no resolution plan was received, and the CoC resolved to liquidate the

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** G.P. Cottfab…

## Timeline

- **2019-09-12 — Admission of Ap…**: Application filed by M/s Sona Processors (India) Limited under Section 9 of the Code was…
- **2019-11-26 — Publication o…**: IRP effected publication of Form G and invited Expression of Interest ('EOI') from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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