# In the matter of Gujarat Oleo Chem Ltd. & Ors. IA 12-2018 IN CP. (IB) No. 4-10-NCLT-AHM-2017

> NCLT judgment dated 2018-01-17. Citation: TCN-2018-NCLT-01925. The case involves an application filed by Gujarat Oleo Chem Ltd seeking an order of liquidation…

- **Court:** NCLT
- **Order date:** 17 Jan 2018
- **Citation:** TCN-2018-NCLT-01925
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gujarat-oleo-chem-ltd-ors-ia-12-2018-in-cp-ib-no-4-10-nclt-ahm-2017-c99642e9

## Summary

### Background

The case involves an application filed by Gujarat Oleo Chem Ltd seeking an order of liquidation under section 33(1) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) had commenced based on a petition filed by Gujarat Oleo Chem Ltd. under section 10 of the Code, with an IRP appointed. The Committee of Creditors (COC) rejected a resolution plan submitted by the promoter director during its fourth meeting on 19.09.2017. No other resolution plan was received, and no resolution was passed by the COC to extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation of the Corporate Debtor.

## Facts

Gujarat Oleo Chem Ltd. filed an application seeking liquidation under Section 33(1) of the Insolvency and Bankruptcy Code (IBC). A Corporate Insolvency Resolution Process (CIRP) had previously commenced based on a petition filed by Gujarat Oleo Chem Ltd. under Section 10 of the IBC, leading to the appointment of an Interim Resolution Professional (IRP). During the fourth meeting of the Committee of Creditors (COC) held on September 19, 2017, a resolution plan submitted by the promoter director was rejected. No other resolution plan was received, and the COC did not extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation. The court then ordered the liquidation of the Corporate Debtor under Section

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Gujarat Oleo Chem Ltd., should be liquidated under Section 33(1) of …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (COC) rejected the resolution plan submitted by the promoter

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if a resolution plan is

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**Application:** In this case, the COC rejected the resolution plan, and no other plan was

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** Vishal A…
- **Respondents:** Gujarat Oleo Chem…

## Timeline

- **2017-09-19 — COC Meet…**: COC in its fourth meeting held on 19.09.2017 resolved to reject resolution plan submitted…
- **2018-01-17 — Order Da…**: Order for liquidation of…

## 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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