# In the matter of Kosak Engineering and Rubber Products Pvt. Ltd. I. A. No. 366 of 2021 In C.P. No. 4658-IB-2018

> NCLT judgment dated 2021-03-26. Citation: TCN-2021-NCLT-02543. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLT-02543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kosak-engineering-and-rubber-products-pvt-ltd-i-a-no-366-of-2021-in-cp-no-4658-i-1c8d5ae8

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of Kosak Engineering and Rubber Products Pvt. Ltd., the Corporate Debtor, due to the absence of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional by the Committee of Creditors (CoC). Public announcements were made to invite claims from creditors and expressions of interest from potential resolution applicants. However, no resolution plan was received.

## Facts

The Financial Creditor initiated Corporate Insolvency Resolution Process (CIRP) against Kosak Engineering and Rubber Products Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims and expressions of interest. The last date for submission of claims by creditors was 2019-10-15. The last date for submission of resolution plans was 2020-02-13. The Committee of Creditors (CoC) was informed that there were no chances of revival of the Corporate Debtor. The CoC resolved to initiate liquidation under Section 33(1)(a) of the IBC. The Resolution Professional filed an application for liquidation

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1) of the …

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

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**Reasoning:** The Committee of Creditors (CoC) determined that there was no prospect of reviving the

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

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**Application:** Since no resolution plan was received, and the CoC had resolved for

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Pankaj Sham…
- **Respondents:** Kosak Engineering…

## Timeline

- **2018-01-01 — C.P. No. 4658…**: Filing of the Corporate Insolvency…
- **2019-09-25 — Order for CIRP…**: Adjudicating Authority orders initiation…

## Legal provisions

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

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