# In the matter of Kaygee Shoetech Pvt. Ltd. IA(I.B.C)-269,347,581 & 792(KB)2021 in C.P. (IB)-1306(KB)2018

> NCLT judgment dated 2021-10-25. Citation: TCN-2021-NCLT-00704. The case involves an application filed by the Resolution Professional (RP) under Section 33 of…

- **Court:** NCLT
- **Order date:** 25 Oct 2021
- **Citation:** TCN-2021-NCLT-00704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaygee-shoetech-pvt-ltd-iaibc-269347581-792kb2021-in-cp-ib-1306kb2018-6c61db61

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, K B Polychem India Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-01-19. The Committee of Creditors (CoC) was constituted on 2021-02-10, with Axis Bank Limited as the sole financial creditor. No Expression of Interest (EOI) was received in response to the publication of Form G. Consequently, the CoC, in its 10th meeting held on 2021-09-01, passed a resolution with 100% voting share to liquidate the Corporate Debtor, as there was no scope for its revival.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against K B Polychem India Ltd. on 2021-01-19. The Committee of Creditors (CoC) was formed on 2021-02-10, with Axis Bank Limited as the sole financial creditor. Despite efforts to find a resolution applicant, no Expression of Interest (EOI) was received following the publication of Form G. At its 10th meeting on 2021-09-01, the CoC unanimously voted for the liquidation of the Corporate Debtor, citing the absence of any prospects for revival. The Resolution Professional (RP), Mr. Pankaj Kumar Kedia, filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation. The Adjudicating Authority considered the submissions and records and concluded that liquidation was the

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## Issues and analysis

### Issue 1: Whether the application filed by the RP under Section 33 of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that since no Expression of Interest was received and the CoC had

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to achieve

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**Application:** In this case, the absence of any Expression of Interest and the unanimous

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** K.B Polychem…

## Timeline

- **2021-01-19 — CIRP Ord…**: The Corporate Insolvency…
- **2021-02-10 — CoC Const…**: The Committee of Creditors (CoC) was constituted with Axis Bank Limited as the sole…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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