# In the matter of Gontermann - Peipers India Limited IA No. 432-KB-2021 in CP (IB) No.1542-KB-2018

> NCLT judgment dated 2021-04-30. Citation: TCN-2021-NCLT-02245. The case involves an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 30 Apr 2021
- **Citation:** TCN-2021-NCLT-02245
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gontermann-peipers-india-limited-ia-no-432-kb-2021-in-cp-ib-no1542-kb-2018-d8d99ad9

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Gontermann – Peipers India Limited. The resolution plan submitted by JSW Steel Limited was not approved by the Committee of Creditors (CoC) because the CoC requested the Resolution Applicant to remove a clause relating to the personal guarantee of the promoters of the Corporate Debtor, and the Resolution Applicant did not submit a revised plan within the given timeframe. The CoC, in its fifteenth meeting held on 03.04.2021, passed a resolution with 90.95% vote share to approve the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated

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## Facts

Balaji Metals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Gontermann – Peipers India Limited. Raj Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted, and the first meeting was held on January 9th. Form-G was published to invite Expression of Interest (EOI) for submission of a Resolution Plan. Three EOIs were received initially, and one more was received after a revised EOI was published on 14.08.2020. The COVID-19 pandemic caused disruptions, leading to extensions of the deadline for submitting the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the application for liquidation of the Corporate …

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

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**Reasoning:** The CoC resolved by 90.95% voting share to liquidate the Corporate Debtor. The resolution

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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 CoC approved the liquidation with a 90.95% voting share. The

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Balaji M…
- **Respondents:** Gontermann…

## Timeline

- **2019-12-11 — Initiation…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **N/A — Constitution…**: CoC was duly constituted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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