# In the matter of Gold King Tex India Private Limited MA-854-2019 in CP-1211-IB-2018

> NCLT judgment dated 2019-09-03. Citation: TCN-2019-NCLT-01594. The case involves MA/854/2019 filed in CP/1211/IB/2018 under Section 33(1)(a), 33(2) & 34(1) of…

- **Court:** NCLT
- **Order date:** 3 Sept 2019
- **Citation:** TCN-2019-NCLT-01594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gold-king-tex-india-private-limited-ma-854-2019-in-cp-1211-ib-2018-11052a5f

## Summary

### Background

The case involves MA/854/2019 filed in CP/1211/IB/2018 under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016. The application was filed by the Resolution Professional, Mr. Mahalingam Suresh Kumar, seeking liquidation of the Corporate Debtor, M/s. Gold King Tex India Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated earlier based on an application under Section 9 of the I&B Code, 2016, filed by the Operational Creditor, M/s. GHCL Limited. The CIRP was initiated on 25.01.2019, and Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Gold King Tex India Private Limited based on an application filed by M/s. GHCL Limited under Section 9 of the I&B Code, 2016. The CIRP commenced on 2019-01-25. Mr. C. Ramasubramaniam was appointed as the Interim Resolution Professional (IRP). The IRP took over the management of the Corporate Debtor and issued a newspaper publication inviting claims from creditors. The IRP constituted a Committee of Creditors (CoC). The CoC recommended the appointment of valuers and later appointed Mr. Mahalingam Suresh Kumar as the Resolution Professional, replacing the IRP. The Resolution Professional invited Expression of Interest (Eol) for resolution plans, but no resolution plan was received. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Gold King Tex India Private Limited, should be liquidated under …

**Ratio:** Section 33 of the I&B Code, 2016, provides for the initiation of liquidation

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**Reasoning:** The Adjudicating Authority considered the fact that no resolution plan was received

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**Interpretation:** Section 33 of the I&B Code, 2016, is interpreted to mean that if no viable

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**Application:** In this case, the Resolution Professional invited Expression of Interest, but

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## Parties

- **Judges:** Ch. Mohd Sharief…; Anil Ku…
- **Appellants:** Mahalingam Suresh…
- **Respondents:** M/s. Gold King…

## Timeline

- **2019-01-25 — CIRP Init…**: CIRP initiated against the Corporate Debtor based on an application filed by M/s. GHCL…
- **2019-01-28 — Newspaper Pub…**: IRP issued newspaper publication…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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