# In the matter of Harsh Polymers (India) Ltd. IA 449-2019 in C.P. (I.B) No. 337-NCLT-AHM-2018

> NCLT judgment dated 2019-09-26. Citation: TCN-2019-NCLT-01232. IA 449 of 2019 was filed in C.P. (I.B) No. 337/ NCLT/AHM/2018. The Adjudicating Authority, upon…

- **Court:** NCLT
- **Order date:** 26 Sept 2019
- **Citation:** TCN-2019-NCLT-01232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/harsh-polymers-india-ltd-ia-449-2019-in-cp-ib-no-337-nclt-ahm-2018-69f7a526

## Summary

### Background

IA 449 of 2019 was filed in C.P. (I.B) No. 337/ NCLT/AHM/2018. The Adjudicating Authority, upon a petition filed under the IB Code by Shree Krishna Offset (Operational Creditor), had commenced the CIRP on 24.10.2018 in respect of Harsh Polymers (India) Ltd, the Corporate Debtor Company. CA Ms. Bhavi Shreyansh Shah was appointed as RP and later confirmed by the Committee of Creditors (CoC). The CoC, in its third meeting dated 13.03.2019, resolved that there was no possibility of a resolution plan despite sincere efforts, and resolved to go for liquidation.

## Facts

Shree Krishna Offset, an Operational Creditor, filed a petition under the IB Code, leading to the commencement of CIRP against Harsh Polymers (India) Ltd on 2018-10-24. Bhavi Shreyansh Shah was appointed as the Resolution Professional (RP) and later confirmed by the Committee of Creditors (CoC). The CoC, in its meeting on 2019-03-13, determined that a resolution plan was not feasible. The CIRP period of 180 days had expired. Consequently, the CoC resolved to liquidate the Corporate Debtor. IA 449 of 2019 was filed seeking directions for liquidation. The Adjudicating Authority considered the CoC's decision and the expiry of the CIRP period and ordered liquidation.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor Company, …

**Ratio:** Section 33(1) and 33(2) of the Insolvency and Bankruptcy Code allows the Adjudicating

…

**Reasoning:** The Committee of Creditors (CoC) determined that a resolution plan was not possible, and

…

**Interpretation:** Section 33(1) and 33(2) of the IBC provides the framework for initiating

…

**Application:** The CoC's decision, coupled with the expiry of the CIRP period, justified the

…

## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Harsh Polymers…; Harsh Polymers…

## Timeline

- **2018-10-24 — Commencement…**: CIRP commenced against Harsh Polymers (India) Ltd following a petition by Shree Krishna…
- **2019-03-13 — CoC Meet…**: The Committee of Creditors (CoC) resolved that a resolution plan was not feasible and…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/harsh-polymers-india-ltd-ia-449-2019-in-cp-ib-no-337-nclt-ahm-2018-69f7a526