# In the matter of S & S Industries and Enterprises Limited IA-41(CHE)-2021 in IBA-915-2019

> NCLT judgment dated 2021-04-09. Citation: TCN-2021-NCLT-02415. The case involves an application (IA/41(CHE)/2021) filed in IBA/915/2019 under Section…

- **Court:** NCLT
- **Order date:** 9 Apr 2021
- **Citation:** TCN-2021-NCLT-02415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/s-s-industries-and-enterprises-limited-ia-41che-2021-in-iba-915-2019-ae6c4da9

## Summary

### Background

The case involves an application (IA/41(CHE)/2021) filed in IBA/915/2019 under Section 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks an order for the liquidation of the Corporate Debtor, M/s. S & S Industries and Enterprises Limited, and the appointment of CA. Mahalingam Suresh Kumar as the liquidator. The main IBA/915/2019 was filed by the Financial Creditor, M/s. Stressed Assets Stabilization Fund ("SASF"), under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process ("CIRP"). The Adjudicating Authority ordered the commencement of CIRP on 2019-09-30 and appointed CA. Mahalingam Suresh Kumar as

…

## Facts

M/s. S & S Industries and Enterprises Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Stressed Assets Stabilization Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2019-09-30, with CA. Mahalingam Suresh Kumar appointed as the Interim Resolution Professional. He was later appointed as Resolution Professional by the Committee of Creditors (CoC). Despite efforts, including advertisements in newspapers, valuation of assets by IBBI Registered Valuers, and circulation of an Information Memorandum, no resolution plans were received. The CIRP period was extended by 90 days, excluding the period affected by the Covid-19 pandemic. Ultimately, the CoC decided to seek liquidation of the Corporate

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for the liquidation of the Corporate …

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

…

**Reasoning:** The Adjudicating Authority reasoned that despite adequate efforts, no resolution plan was

…

**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

…

**Application:** Since no resolution plan was received for M/s. S & S Industries and

…

## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** CA Mahalingam…
- **Respondents:** M/s. S & S…

## Timeline

- **2019-09-30 — Commencement…**: Adjudicating Authority ordered the commencement of Corporate Insolvency Resolution…
- **2019-09-30 — Appointment of Interim…**: CA. Mahalingam Suresh Kumar was appointed…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/s-s-industries-and-enterprises-limited-ia-41che-2021-in-iba-915-2019-ae6c4da9