# In the matter of Norton Aluminium India Pvt. Ltd. MA 775 & 1925-2019 In CP(IB)1615(MB)-2017

> NCLT judgment dated 2019-05-29. Citation: TCN-2019-NCLT-03158. The case involves an application (MA 1925/2019) for urgent listing of MA 775/2019, filed by the…

- **Court:** NCLT
- **Order date:** 29 May 2019
- **Citation:** TCN-2019-NCLT-03158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/norton-aluminium-india-pvt-ltd-ma-775-1925-2019-in-cpib1615mb-2017-12f7c259

## Summary

### Background

The case involves an application (MA 1925/2019) for urgent listing of MA 775/2019, filed by the Resolution Professional under Section 33(2) of the IBC, 2016, seeking liquidation of the Corporate Debtor, Norton Aluminum India Pvt Ltd. An earlier petition filed by the Corporate Applicant under Section 10 of IBC, 2016, for initiating CIRP was admitted on 22.6.2018, and an IRP was appointed. Two Resolution Applicants, Jainco Projects India Ltd and Standard Retail Pvt Ltd, were identified. An extension was granted for submission of documents, ratified by the CoC on 27.9.2018.

## Facts

On 22.6.2018, a petition under Section 10 of the IBC, 2016, was admitted, initiating CIRP for Norton Aluminum India Pvt Ltd, and an IRP was appointed. Two Resolution Applicants, Jainco Projects India Ltd and Standard Retail Pvt Ltd, were identified. Jainco Projects India Ltd did not provide a resolution plan. Standard Retail Pvt Ltd submitted a resolution plan, which was discussed in the 6th CoC meeting on 22.11.2018. The CoC requested improvements to the plan. A revised plan was submitted, but the CoC again asked for revisions. The CoC extended the CIRP period by 90 days on 15.12.2018, approved by the Bench on 20.12.2018, extending the period until 19.3.2019. The final resolution plan was rejected by the CoC on 8.2.2019 because the offer was unsatisfactory. The CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC, 2016, deserves to be allowed …

**Ratio:** Section 33(2) of the IBC, 2016, allows for the initiation of liquidation proceedings if

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**Reasoning:** The court reasoned that since no resolution plan was approved by the CoC within the

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** The court applied this principle to the facts of the case, noting that the CoC

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Mr Dhiren…
- **Respondents:** Norton Aluminum…

## Timeline

- **2018-06-22 — CIRP Init…**: Petition filed by the Corporate Applicant under Section 10 of IBC, 2016 for initiation of…
- **2018-09-27 — CoC Meet…**: The 4th meeting of the CoC was held, where an extension was granted to the Resolution…

## 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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