# In the matter of Glaze Infrastructure Private Limited IA No. 122-KB-2021 in CP (IB) No. 185-KB-2018

> NCLT judgment dated 2021-03-18. Citation: TCN-2021-NCLT-02655. The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Mar 2021
- **Citation:** TCN-2021-NCLT-02655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glaze-infrastructure-private-limited-ia-no-122-kb-2021-in-cp-ib-no-185-kb-2018-29643487

## Summary

### Background

The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional seeking liquidation of Glaze Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Glaze Infrastructure Private Limited based on a petition filed by Saint Gobain India Private Limited, an operational creditor, under Section 9 of the IBC. The resolution plan submitted by Select Products Private Limited was not approved by the Committee of Creditors (CoC) with the required majority (exceeding 66%). The CoC, in its eighth meeting, passed a resolution with 99.99% vote share to approve the liquidation of the Corporate Debtor.

## Facts

Saint Gobain India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Glaze Infrastructure Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an operational creditor. The Adjudicating Authority admitted the petition and appointed an Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted. A resolution plan submitted by Select Products Private Limited failed to secure the required 66% vote share for approval. Consequently, the CoC, in its eighth meeting held on December 1, 2020, resolved with a 99.99% vote share to liquidate Glaze Infrastructure Private Limited. The RP then filed an application under Section 33

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Glaze …

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

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**Reasoning:** The CoC, in this case, resolved with 99.99% voting share to liquidate the Corporate

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**Interpretation:** Section 33(2) of the IBC provides a clear directive to the Adjudicating

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**Application:** In this specific case, the CoC's decision to liquidate Glaze Infrastructure

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Glaze Infrastructu…

## Timeline

- **2019-11-25 — Order for CIRP…**: The Adjudicating Authority passed an order for the initiation of the Corporate Insolvency…
- **2019-12-26 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, where 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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