# In the matter of Growthways Trading Private Limited IA-4304-2021 in CP-IB-1443-ND-2019

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00610. The case pertains to IA-4304/2021 filed in CP/IB/1443/ND/2019 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/growthways-trading-private-limited-ia-4304-2021-in-cp-ib-1443-nd-2019-0b786bc9

## Summary

### Background

The case pertains to IA-4304/2021 filed in CP/IB/1443/ND/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The initial application, IB/1443/ND/2019, was filed under Section 10 of the I&B Code, 2016, by the Corporate Debtor and was admitted on 17.12.2019, initiating the CIRP. Mr. Sunil Kumar Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP took over the management of the Corporate Debtor and issued a newspaper publication on 26.12.2019, inviting claims from creditors. Claims were received from financial and operational creditors, and a COC was formed. The first COC meeting was held on 07.01.2020. Registered valuers were appointed on 08.02.2020. An Information Memorandum was prepared. Form G for Expression of Interest

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## Facts

Elite Steels Private Limited is the Financial Creditor. Growthways Trading Private Limited is the Corporate Debtor. Mr. Sunil Kumar Agrawal is the Resolution Professional and later appointed as the Company Liquidator. The initial application, IB/1443/ND/2019, was filed under Section 10 of the I&B Code, 2016, by the Corporate Debtor. The CIRP was initiated on 17.12.2019. The IRP took over management and invited claims. The first COC meeting was held on 07.01.2020. Registered valuers were appointed on 08.02.2020. Form G for Expression of Interest (EOI) was issued on 08.03.2020. Transaction auditors were appointed on 12.06.2020. No resolution plan was received due to COVID-19. The COC sought an extension of the CIRP period, which was allowed. A resolution for

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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 COC approved the resolution for liquidation with a 100% vote in the 11th COC meeting

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the COC,

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**Application:** Given the COC's approval and the circumstances of the case, the application for

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## Parties

- **Judges:** P.S.N. P…; Narender Kumar…
- **Respondents:** Growthways…
- **Advocates:** Manoj Kuma…

## Timeline

- **2019-12-17 — CIRP Init…**: The Corporate Debtor's application under Section 10 of the I&B Code, 2016, was admitted,…
- **2019-12-26 — Newspaper Pub…**: The IRP issued a newspaper…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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