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

> NCLT judgment dated 2019-09-26. Citation: TCN-2019-NCLT-01242. The case involves an application filed under Sections 33(1), 33(2), and 34(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 26 Sept 2019
- **Citation:** TCN-2019-NCLT-01242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/harsh-polymers-india-ltd-ors-ia-449-2019-in-cp-ib-no-337-nclt-ahm-2018-110a1d50

## Summary

### Background

The case involves an application filed under Sections 33(1), 33(2), and 34(1) of the Insolvency & Bankruptcy Code seeking an order for the liquidation of the Corporate Debtor Company, Harsh Polymers (India) Ltd. The Adjudicating Authority had previously commenced the CIRP on 24.10.2018 following a petition filed by Shree Krishna Offset (Operational Creditor). CA Ms. Bhavi Shreyansh Shah was appointed as the Resolution Professional (RP) and later confirmed by the Committee of Creditors (CoC).

## Facts

Shree Krishna Offset (Operational Creditor) filed a petition under the IB Code, leading to the commencement of the Corporate Insolvency Resolution Process (CIRP) for Harsh Polymers (India) Ltd on 2018-10-24. Bhavi Shreyansh Shah was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) held its third meeting on 2019-03-13 and resolved that there was no possibility of a resolution plan for the Corporate Debtor. Consequently, the CoC decided to pursue liquidation and retain Bhavi Shreyansh Shah as the liquidator. The CIRP period of 180 days had already expired. An application (IA 449 of 2019) was filed seeking directions for liquidation. The Adjudicating Authority considered the CoC's decision and the contents of the application and documents,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor Company should be liquidated due to the absence of a viable resolution …

**Ratio:** Section 33(1), 33(2), and 34(1) of the Insolvency & Bankruptcy Code allows for the

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**Reasoning:** The Committee of Creditors (CoC), after sincere efforts, concluded that there was no

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**Interpretation:** The Insolvency & Bankruptcy Code prioritizes resolution but provides for

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**Application:** In this case, the CoC's decision, coupled with the expired CIRP period,

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## Parties

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

## Timeline

- **2018-10-24 — CIRP Commen…**: CIRP commenced for Harsh Polymers (India) Ltd following a petition by Shree Krishna…
- **2019-03-13 — CoC Meet…**: The Committee of Creditors (CoC) resolved that there was no possibility of a resolution…

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