# In the matter of Gena Pharmaceuticals Limited IA(I.B.C)-108 & 629-KB-2021 in C.P. (IB)-731-KB-2018

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04511. The case involves an application filed by Mr. Anup Kumar Singh, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gena-pharmaceuticals-limited-iaibc-108-629-kb-2021-in-cp-ib-731-kb-2018-b7c5759f

## Summary

### Background

The case involves an application filed by Mr. Anup Kumar Singh, the Resolution Professional (RP) of Gena Pharmaceuticals Limited, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC) rejected the resolution plan received from SREI Multiple Asset Investment Trust Vision India Fund. The Adjudicating Authority had previously initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by Edelweiss Asset Reconstruction Co. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Edelweiss Asset Reconstruction Co. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against Gena Pharmaceuticals Limited. Mr. Anup Kumar Singh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A resolution plan was received from SREI Multiple Asset Investment Trust Vision India Fund, but it was rejected by the Committee of Creditors (CoC) with 47.33% votes against it, while 26.68% voted in favor, and 25.99% abstained. The RP then filed an application seeking liquidation of the Corporate Debtor. The RP recused himself from acting as a Liquidator due to personal reasons. The CoC proposed Mr. Sachin Gopal

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Gena Pharmaceuticals Limited, …

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

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**Reasoning:** The CoC disapproved the resolution plan with 47.33% votes against it, failing to meet the

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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 rejection of the resolution plan with less than the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Anup Kumar…
- **Respondents:** Gena Pharmaceutica…

## Timeline

- **2019-08-09 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2019-09-06 — Appointment…**: Mr. Anup Kumar Singh was appointed as the Interim Resolution Professional (IRP) and later…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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