# In the matter of Globalite Industries Pvt. Ltd. IA-3806-2020 in CP (IB) -564-ND-2019

> NCLT judgment dated 2020-11-18. Citation: TCN-2020-NCLT-00248. The case pertains to IA-3806/2020 filed in CP (IB) – 564/ND/2019 under Section 33 of the…

- **Court:** NCLT
- **Order date:** 18 Nov 2020
- **Citation:** TCN-2020-NCLT-00248
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/globalite-industries-pvt-ltd-ia-3806-2020-in-cp-ib-564-nd-2019-0b091f65

## Summary

### Background

The case pertains to IA-3806/2020 filed in CP (IB) – 564/ND/2019 under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of Globalite Industries Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 21.10.2019. The Resolution Professional (RP) was appointed as Interim Resolution Professional. The CoC was formed, and several meetings were held to discuss the resolution plan and CIRP costs. However, no resolution plan was received, and the CoC ultimately resolved to initiate liquidation proceedings.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Globalite Industries Pvt. Ltd. on 21.10.2019. Mr. Kashi Viswanathan Sivaraman was appointed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held. The CoC rejected resolutions related to interim finance and CIRP costs. The RP informed the CoC that the Corporate Debtor had only one asset, a leased land. The CoC concluded that there was no chance of revival. The CoC resolved to initiate liquidation proceedings with 83.70% voting share and approved the appointment of Mr. Kashi Viswanathan Sivaraman as the liquidator. No resolution plan was received under Section 30(6) of the Insolvency & Bankruptcy Code, 2016. The RP filed IA-3806/2020 in CP (IB) –

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that since no resolution plan was received under Section 30(6) of the

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**Interpretation:** Section 33(2) provides a clear legal pathway for liquidation when the CIRP

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**Application:** In this case, the absence of a resolution plan triggered the application of

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** Kashi Viswanathan…
- **Respondents:** Globalite…

## Timeline

- **2019-10-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Globalite Industries…
- **2019-11-21 — First CoC M…**: The applicant was confirmed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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