# In the matter of RP of Giridhan Projects Private Limited IA No. 667-KB-2020 In CP (IB) No. 718-KB-2019

> NCLT judgment dated 2021-02-02. Citation: TCN-2021-NCLT-03163. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rp-of-giridhan-projects-private-limited-ia-no-667-kb-2020-in-cp-ib-no-718-kb-201-03b4aa9e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Giridhan Projects Private Limited, because no resolution plan was received. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 02.08.2019 by the Adjudicating Authority on a petition filed by SREI Infrastructure Finance Limited (financial creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Pratim Bayal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Dipti Ranjan Nath.

## Facts

SREI Infrastructure Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Giridhan Projects Private Limited. Pratim Bayal was initially appointed as IRP, later replaced by Dipti Ranjan Nath as RP. Public announcements were made in Financial Express and Aajkal newspapers, setting a deadline for claim submissions. The CoC was constituted and held meetings. Despite multiple attempts to solicit resolution plans, including republication of Form G and extension of the CIRP period, no EoI was received. The CoC then voted 100% in favor of liquidation. The RP formed an independent opinion that there were certain preferential and extortionate transactions. An application against rejection of claim

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC resolved by 100% voting share to liquidate the Corporate Debtor, and no

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the CoC voted unanimously (100%) to liquidate the Corporate

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Dipti Ranja…
- **Respondents:** Giridhan Projects…; SREI Infrastructur…

## Timeline

- **2019-08-02 — Order for CIRP…**: The Adjudicating Authority ordered the initiation of the Corporate Insolvency Resolution…
- **2019-08-04 — Public Annou…**: IRP made a public announcement in Form 'A' in…

## 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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