# In the matter of Kohinoor Paper and News Print Private Limited IA-201,946,1104,1174 & 1428(KB)2020, IA-141(KB)2021, C.P. (IB)-1694(KB)2018

> NCLT judgment dated 2021-07-12. Citation: TCN-2021-NCLT-01782. The case involves the Corporate Insolvency Resolution Process (CIRP) of Kohinoor Paper and…

- **Court:** NCLT
- **Order date:** 12 Jul 2021
- **Citation:** TCN-2021-NCLT-01782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kohinoor-paper-and-news-print-private-limited-ia-20194611041174-1428kb2020-ia-14-b12e5093

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Kohinoor Paper and Newsprint Private Limited. The CIRP commenced on 2019-09-26, and resolution plans were submitted. However, the resolution plan under consideration by the Committee of Creditors (CoC) was revised multiple times by the Resolution Applicant but was ultimately not approved by the CoC. The CoC passed a resolution with 86.51% voting share to liquidate the Corporate Debtor. The Resolution Professional filed an application for liquidation of the Corporate Debtor, which was authorized by the CoC with 90.73% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Kohinoor Paper and Newsprint Private Limited commenced on 2019-09-26. Resolution plans were submitted but not approved by the Committee of Creditors (CoC). The CoC revised the resolution plan multiple times. The CoC, in its 11th meeting on 2020-09-04 and 2020-09-05, did not approve the resolution plan. The CoC passed a resolution with 86.51% voting share to liquidate the Corporate Debtor. In its 12th meeting on 2020-01-01, the CoC authorized the Resolution Professional to file an application for liquidation with 90.73% voting share. The 330-day CIRP period expired on 2020-08-21. The Resolution Professional, Mr. Uday Narayan Mitra, consented to act as the Liquidator. An application was filed by Mr. Chandra Sekhar

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed given the failure …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation of

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was approved by the CoC and the

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**Interpretation:** Section 33(2) mandates liquidation when the resolution process fails and the

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**Application:** Since no resolution plan was approved and the CIRP period had expired, the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Kohinoor Paper…

## Timeline

- **2019-09-26 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Kohinoor Paper and Newsprint…
- **2020-01-01 — CoC Meet…**: The CoC held its 12th meeting and authorized the Resolution Professional to file an…

## 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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