# In the matter of Saber Papers Limited IA No. 603-2020 in CP (IB) No. 395-Chd-Pb-2018

> NCLT judgment dated 2020-12-15. Citation: TCN-2020-NCLT-00071. The case pertains to IA No. 603/2020 in CP (IB) No. 395/Chd/Pb/2018, an admitted matter under…

- **Court:** NCLT
- **Order date:** 15 Dec 2020
- **Citation:** TCN-2020-NCLT-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saber-papers-limited-ia-no-603-2020-in-cp-ib-no-395-chd-pb-2018-f9eeea94

## Summary

### Background

The case pertains to IA No. 603/2020 in CP (IB) No. 395/Chd/Pb/2018, an admitted matter under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Saber Papers Limited. The CIRP was initiated via CP (IB) No. 395/Chd/Pb/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was filed by the Resolution Professional (RP), Mr. Vikram Bajaj, seeking an order for liquidation of Saber Papers Limited. The CoC decided to liquidate the corporate debtor as no resolution plan was received.

## Facts

State Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against Saber Papers Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 18.09.2019, and Mr. Vikram Bajaj was appointed as the Interim Resolution Professional (IRP). Subsequently, in the first meeting of the Committee of Creditors (CoC) held on 21.10.2019, the IRP was appointed as the Resolution Professional (RP) with a 93.3% voting share. The RP appointed two registered valuers to determine the fair and liquidation value of the corporate debtor's assets. An invitation for expression of interest (EOI) and submission of resolution plans was published, but only one EOI was received. A fresh invitation was republished, but no resolution plan was

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that the CoC, in its commercial wisdom, decided to liquidate the

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** In this case, the CoC, with a 100% voting share, resolved to liquidate Saber

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** Saber Papers…

## Timeline

- **2018-01-01 — CP (IB) No. 395/Chd/Pb/2…**: CP (IB) No. 395/Chd/Pb/2…
- **2019-09-18 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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