# In the matter of Gupta Corporation Private LImited C.P. No. 64-I&BP-2017

> NCLT judgment dated 2018-02-01. Citation: TCN-2018-NCLT-01885. The case involves an application filed by the Interim Resolution Professional (IRP) seeking a…

- **Court:** NCLT
- **Order date:** 1 Feb 2018
- **Citation:** TCN-2018-NCLT-01885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gupta-corporation-private-limited-cp-no-64-ibp-2017-6ee98ccb

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) seeking a liquidation order for Gupta Corporation Private Limited. The Committee of Creditors (COC) did not approve any resolution plan as required under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had previously filed a petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Code, which was admitted on April 3, 2017, and a moratorium was declared.

## Facts

The Corporate Debtor, Gupta Corporation Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on April 3, 2017, and a moratorium was declared. The first meeting of the Committee of Creditors (COC) was held on May 11, 2017, where 12 financial creditors were present. The COC approved a resolution regarding insolvency resolution costs but rejected resolutions for appointing the Interim Resolution Professional (IRP) as Resolution Professional (RP) and authorizing the IRP for debit transactions without COC permission. A second COC meeting was held on September 16, 2017, where valuation reports were presented. The number of financial creditors

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency and Bankruptcy …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, mandates liquidation if no

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**Reasoning:** The Adjudicating Authority observed that no resolution plan was filed as contemplated

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** Since no resolution plan was approved by the COC within the statutory

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## Parties

- **Judges:** M.K. Sh…; V. Nallasen…
- **Appellants:** CS Rohit…
- **Respondents:** Gupta Corporation…; Ashish…

## Timeline

- **2017-04-03 — Admission of CIRP…**: The Adjudicating Authority passed an admission order for the Corporate Insolvency…
- **2017-05-11 — First COC M…**: The first meeting of the Committee of Creditors (COC) was held, where 12 financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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