# In the matter of Global Syntex (Bhilawara) Ltd. CP No. (IB)-79-7-JPR-2019

> NCLT judgment dated 2020-01-24. Citation: TCN-2020-NCLT-02192. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 24 Jan 2020
- **Citation:** TCN-2020-NCLT-02192
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-syntex-bhilawara-ltd-cp-no-ib-79-7-jpr-2019-558c1cbc

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The minutes of the 3rd Meeting of the Committee of Creditors (CoC) were submitted by the Resolution Professional (RP). Item No. 4 of the meeting related to the approval of the liquidation process of the Corporate Debtor.

## Facts

Shree Barkha Synthetics Ltd. filed an application under Section 7 of the IBC, 2016 against Global Syntex (Bhilawara) Ltd. The 3rd meeting of the Committee of Creditors (CoC) minutes were submitted by the Resolution Professional (RP), where Item No. 4 concerned the approval of the liquidation process for the Corporate Debtor, Global Syntex (Bhilawara) Ltd. The court considered the resolutions passed and the contents of Item No. 4. The respondent, Global Syntex (Bhilawara) Ltd., was noted as 'None-appeared'. The court then confirmed the liquidation process and the appointment of the RP as Liquidator. The Liquidator was directed to provide updates on the proceedings after four weeks, and the matter was adjourned to 12.03.2020.

## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor should be approved based on the resolutions …

**Ratio:** Section 33(1)(a) of the IBC, 2016 allows for the initiation of liquidation if the CoC

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**Reasoning:** The court considered the minutes of the 3rd CoC meeting, specifically Item No. 4, which

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**Interpretation:** Section 33(1)(a) provides the legal basis for initiating liquidation when the

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**Application:** In this case, the CoC had approved the liquidation process, and the court,

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## Parties

- **Judges:** P.S.N. P…; RAGHU N…; +1 more
- **Appellants:** Shree Barkha…
- **Respondents:** Global Syntex…

## Timeline

- **2020-01-24 — Order Del…**: The order was delivered…
- **2020-03-12 — Next Hea…**: The matter was posted…

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