# In the matter of Raipur Polymers Private Limited IA (IB) 53-CB-2021 in CP (IB) No. 52-CTB-2020

> NCLT judgment dated 2021-08-10. Citation: TCN-2021-NCLT-01385. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Aug 2021
- **Citation:** TCN-2021-NCLT-01385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raipur-polymers-private-limited-ia-ib-53-cb-2021-in-cp-ib-no-52-ctb-2020-a8693b14

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Raipur Polymers Private Limited. The corporate insolvency resolution process (CIRP) was initiated based on an application by Calcopolychem Private Limited under Section 9 of the IBC, and the application was admitted on March 31, 2021. Saradidnu Jena was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (COC), with Federal Bank Limited holding 100% voting shares, resolved to initiate liquidation.

## Facts

Calcopolychem Private Limited initiated corporate insolvency resolution process (CIRP) against Raipur Polymers Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on March 31, 2021. Mr. Saradidnu Jena was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (COC), with Federal Bank Limited holding 100% voting shares, resolved to initiate liquidation of Raipur Polymers Private Limited. The resolution for liquidation was approved with 100% votes. The Resolution Professional then filed an application (IA (IB) 53/CB/2021) under Section 33(2) of the IBC seeking an order for liquidation.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Raipur …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that if the

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**Reasoning:** The court reasoned that the COC, holding 100% of the voting share, approved the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the COC, with 100% voting rights, approved the resolution for

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Respondents:** Raipur Polymers…

## Timeline

- **2021-03-31 — Admission of Ap…**: Application under Section 9 of IBC by…
- **2021-04-27 — First COC M…**: Saradidnu Jena's appointment as…

## 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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