# In the matter of Gian Chand & Sons Pvt. Ltd. CA No. 546-2019 in CP (IB) No. 160-Chd-Pb-2018

> NCLT judgment dated 2019-08-05. Citation: TCN-2019-NCLT-02108. The case involves Corporate Insolvency Resolution Process (CIRP) initiated by Mahavir Traders…

- **Court:** NCLT
- **Order date:** 5 Aug 2019
- **Citation:** TCN-2019-NCLT-02108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gian-chand-sons-pvt-ltd-ca-no-546-2019-in-cp-ib-no-160-chd-pb-2018-218accba

## Summary

### Background

The case involves Corporate Insolvency Resolution Process (CIRP) initiated by Mahavir Traders against Gian Chand & Sons Private Limited (Corporate Debtor). The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. An order admitting the CIRP was passed on 30.10.2018, and a moratorium was declared. Mr. Anjum Goyal was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Rajeev Bhambri. The CIRP period of 180 days expired on 29.04.2019, with a 90-day extension granted until 26.07.2019. During the CIRP, invitations for Expression of Interest in Form G were published, and a resolution plan was submitted by Mr. Gulshan Rai, the Promoter/Director of the Corporate Debtor. However, the Committee of Creditors (CoC) rejected

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## Facts

Mahavir Traders initiated Corporate Insolvency Resolution Process (CIRP) against Gian Chand & Sons Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 30.10.2018, and a moratorium was declared. Mr. Anjum Goyal was initially appointed as the Interim Resolution Professional (IRP), but later replaced by Mr. Rajeev Bhambri. The CIRP period, including extensions, expired on 26.07.2019. During the CIRP, invitations for Expression of Interest in Form G were published on 12.01.2019 and 12.04.2019. Mr. Gulshan Rai, the Promoter/Director of the Corporate Debtor, submitted a resolution plan, which was rejected by the Committee of Creditors (CoC) on 08.04.2019 due to a low offer amount. The CoC, in a meeting held

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, are …

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

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**Reasoning:** The Adjudicating Authority observed that the Resolution Professional filed 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 Resolution Professional informed the Adjudicating Authority

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Mahavir T…
- **Respondents:** Gian Chand & Sons…; Gian Chand and…

## Timeline

- **2018-10-30 — CIRP Admi…**: Order passed admitting the Corporate Insolvency Resolution Process (CIRP) against Gian…
- **2018-12-12 — Appointment of…**: Mr. Rajeev Bhambri was appointed as the Resolution Professional, replacing the Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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