# In the matter of Lotus Shopping Centres Pvt. Ltd. I.A. No. 245-2019 in C.P. (IB) No. 66-BB-2017

> NCLT judgment dated 2019-06-18. Citation: TCN-2019-NCLT-02857. The case involves an application (I.A. No.245 of 2019) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 18 Jun 2019
- **Citation:** TCN-2019-NCLT-02857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lotus-shopping-centres-pvt-ltd-ia-no-245-2019-in-cp-ib-no-66-bb-2017-1aa637c0

## Summary

### Background

The case involves an application (I.A. No.245 of 2019) filed by the Resolution Professional (RP), Shri Sanjay Kumar Mishra, for M/s. Lotus Shopping Centres Private Limited, seeking liquidation of the Corporate Debtor under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Axis Bank Limited (Financial Creditor) under Section 7 of the IBC, 2016, due to the Corporate Debtor's default in repaying term loan facilities. Despite multiple extensions and invitations for resolution plans, no viable plan was received, leading to the RP's application for liquidation.

## Facts

M/s. Lotus Shopping Centres Private Limited (Corporate Debtor) availed term loan facilities from Axis Bank Limited (Financial Creditor) and defaulted on repayments. Axis Bank filed a Company Petition under Section 7 of the IBC, 2016, to initiate CIRP. The petition was admitted on August 30, 2018, and a moratorium was declared. Mr. Sundaresh Bhatt was appointed as the Interim Resolution Professional (IRP), later replaced by Shri Sanjay Kumar Mishra as the Resolution Professional (RP). The IRP and RP took steps to constitute the Committee of Creditors (CoC), invite Expressions of Interest (EOIs) from prospective resolution applicants, and prepare an information memorandum. Despite multiple extensions, no resolution plan was received. The Corporate Debtor had no sources

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Lotus Shopping Centres Private Limited, should be liquidated …

**Ratio:** Section 33(1) of the IBC, 2016, provides that where the Adjudicating Authority does not

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**Reasoning:** The Adjudicating Authority noted that despite multiple extensions and invitations for

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**Interpretation:** Section 33(1) mandates liquidation when no resolution plan is approved within

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**Application:** In this case, since no resolution plan was received, and the CIRP period had

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Sanjay Kumar…
- **Respondents:** M/s.Lotus…

## Timeline

- **2017-07-20 — Date of Filing of…**: Axis Bank filed a Company Petition to initiate CIRP against the Corporate Debtor due to…
- **2018-08-30 — Admission of Company…**: The Tribunal admitted the Company…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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