# In the matter of Komorebi Exports Pvt. Ltd. CA No. 272-2019 in CP(IB) No. 344-ALD-2018

> NCLT judgment dated 2020-02-05. Citation: TCN-2020-NCLT-02071. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Feb 2020
- **Citation:** TCN-2020-NCLT-02071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/komorebi-exports-pvt-ltd-ca-no-272-2019-in-cpib-no-344-ald-2018-8b4bead3

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking an order for liquidation and appointment of a liquidator for the Corporate Debtor, Shashi Oils & Fats Pvt. Ltd. The CIRP was initiated based on a petition filed by a financial creditor under Section 7 of the Code, with an order dated 2019-01-10. Sarvesh Kashyap was appointed as the Interim Resolution Professional and later confirmed as the RP by the COC on 2019-02-12.

## Facts

The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Shashi Oils & Fats Pvt. Ltd. The CIRP was initiated based on a financial creditor's petition under Section 7 of the Code. Sarvesh Kashyap was appointed as the Interim Resolution Professional and later confirmed as the RP. Aastha Garments submitted a resolution plan, which was rejected by the COC due to adverse observations in the Forensic Auditor's Report and concerns about commercial feasibility. The COC also considered other resolution plans, including one from M/s Rafia & Company, which was not compliant with the Code, and one from the promoters/directors of the Corporate Debtor, who were unwilling to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the application for liquidation of the Corporate …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, grants the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the grounds for seeking liquidation and the fact

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**Interpretation:** Section 33(1) empowers the Adjudicating Authority to order liquidation when the

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**Application:** Given the COC's support for liquidation and the absence of an approved

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Sunder…
- **Respondents:** Komorebi Exports…; M/s Komorebi…

## Timeline

- **2019-01-10 — CIRP Init…**: The Adjudicating Authority initiated the CIRP in respect of the Corporate Debtor based on…
- **2019-02-12 — RP Confir…**: Sarvesh Kashyap was confirmed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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