# In the matter of Ketan Ceramics Private Limited M.A. 2536 oF 2019
in  C.P. No. 3004 of 2018

> NCLT judgment dated 2021-11-17. Citation: TCN-2021-NCLT-00479. The case involves an application (M.A. No. 2536/2019) filed by the Resolution Professional, Ms.…

- **Court:** NCLT
- **Order date:** 17 Nov 2021
- **Citation:** TCN-2021-NCLT-00479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ketan-ceramics-private-limited-ma-2536-of-2019-in-cp-no-3004-of-2018-0b3a0785

## Summary

### Background

The case involves an application (M.A. No. 2536/2019) filed by the Resolution Professional, Ms. Prajakta Madhav Shidhor, seeking liquidation of Ketan Ceramics Private Limited, referred to as the 'Corporate Debtor', under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Ketan Ceramics Private Limited following the admission of a petition under Section 7 of the Code filed by International Asset Reconstruction Company Private Limited, the 'Financial Creditor'. The applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

The International Asset Reconstruction Company Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ketan Ceramics Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 07.01.2019. Ms. Prajakta Madhav Shidhor was appointed as the Interim Resolution Professional (IRP). A public announcement was issued on 10.01.2019. The Committee of Creditors (CoC) was formed on 30.01.2019. The CoC decided on 23.05.2019 to liquidate the Corporate Debtor as no resolution plan was received. The CoC approved the payment of fees to the liquidator. The Resolution Professional agreed to act as the liquidator. The CoC unanimously agreed and approved the filing of application with NCLT for

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ketan Ceramics Private Limited, …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in deciding the

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**Reasoning:** The Tribunal observed that the CoC, with 100% majority, decided to liquidate the

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**Interpretation:** This principle emphasizes the importance of respecting the collective

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**Application:** In this case, the CoC's decision to liquidate Ketan Ceramics Private Limited

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** International…
- **Respondents:** Ketan Ceramics…; Ketan Ceramic…

## Timeline

- **2019-01-07 — Petition Ad…**: Tribunal admitted the petition under Section 7 of the Code filed by International Asset…
- **2019-01-07 — Appointment…**: Ms. Prajakta Madhav Shidhor was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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