# In the matter of Jindal Alufoils Pvt. Ltd. I.A. No. 465-2020 in CP (IB) No. 201-7-NCLT-AHM-2019

> NCLT judgment dated 2020-10-13. Citation: TCN-2020-NCLT-00400. The case pertains to an Interlocutory Application filed by the Resolution Professional seeking…

- **Court:** NCLT
- **Order date:** 13 Oct 2020
- **Citation:** TCN-2020-NCLT-00400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jindal-alufoils-pvt-ltd-ia-no-465-2020-in-cp-ib-no-201-7-nclt-ahm-2019-10496fbb

## Summary

### Background

The case pertains to an Interlocutory Application filed by the Resolution Professional seeking an order for liquidation of Jindal Alufoils Pvt. Ltd., the Corporate Debtor, under Sections 33(1), 33(2), and 34(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-12-04. Gordhanbhai Ratnabhai Godhani was appointed as the Interim Resolution Professional (IRP).

## Facts

The Resolution Professional filed an Interlocutory Application seeking liquidation of Jindal Alufoils Pvt. Ltd. The Corporate Debtor was admitted into CIRP on 2019-12-04, and Gordhanbhai Ratnabhai Godhani was appointed as IRP. The first CoC meeting was held on 2020-01-08, where the IRP was appointed as Resolution Professional. In a subsequent meeting, it was decided that there was no need to appoint valuers due to the absence of significant assets. In the third meeting on 2020-06-06, the CoC resolved to liquidate the Corporate Debtor as it was neither a going concern nor was any resolution plan received. The Resolution Professional obtained written consent to act as liquidator. The CoC also resolved that the Corporate Debtor could be sold as a going concern under

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## Issues and analysis

### Issue 1: Whether to allow the application for liquidation of the Corporate Debtor, Jindal Alufoils Pvt. …

**Ratio:** Section 33(1) of the Insolvency & Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Adjudicating Authority considered that the 180-day period had passed, no resolution

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**Interpretation:** Section 33(1) provides a clear pathway for liquidation when CIRP fails to

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**Application:** Given that the CIRP period had expired, no resolution plan was received, and

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Gordhanbhai…
- **Respondents:** Jindal Alufoils…; Girnar Extrusions…

## Timeline

- **2019-12-04 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2020-01-08 — First CoC M…**: The first meeting of the Committee of Creditors was held, where the IRP was appointed as…

## 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)

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