# In the matter of Phoenix Aluminium Products Pvt. Ltd. I.A. No. 2439 of 2020 in C.P. No. 2663-IB-2019

> NCLT judgment dated 2021-10-06. Citation: TCN-2021-NCLT-00815. The case pertains to an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 6 Oct 2021
- **Citation:** TCN-2021-NCLT-00815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/phoenix-aluminium-products-pvt-ltd-ia-no-2439-of-2020-in-cp-no-2663-ib-2019-64f089ab

## Summary

### Background

The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Phoenix Aluminium Products Pvt. Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor following a petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of Mr. Harshad Deshpande as Resolution Professional (RP). Despite efforts to invite Expression of Interest (EoI) and submission of a resolution plan, none were received, and the CIRP period was not extended.

## Facts

The Operational Creditor, SKM Steels Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Phoenix Aluminium Products Pvt. Ltd. The Adjudicating Authority ordered the initiation of CIRP on 2019-11-13. Mr. Prakash Naringrekar was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Harshad Deshpande was appointed as the Resolution Professional (RP). Despite inviting Expression of Interest (EoI) multiple times, no resolution plan was received. The Committee of Creditors (CoC) then decided to appoint a Valuer and subsequently, in a meeting held on 2020-09-21, unanimously resolved to liquidate the company due to the absence of any

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Phoenix Aluminium Products Pvt. …

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

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**Reasoning:** The court reasoned that the Committee of Creditors (CoC) had unanimously resolved to

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

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**Application:** In this case, since no resolution plan was received despite multiple

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** SKM Steel…
- **Respondents:** Phoenix Aluminium…
- **Advocates:** Omkar V. De…

## Timeline

- **2019-11-13 — Initiation…**: The Adjudicating Authority ordered the initiation of the Corporate Insolvency Resolution…
- **2020-01-28 — Appointment…**: Mr. Harshad Deshpande was approved as the…

## 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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