# In the matter of Saga Automotive India Pvt. Ltd. IA No. 51-JPR-2021 in CP No. 177-9-JPR-2019

> NCLT judgment dated 2021-03-16. Citation: TCN-2021-NCLT-02677. The case involves an application (IA No. 51/JPR/2021) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 16 Mar 2021
- **Citation:** TCN-2021-NCLT-02677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saga-automotive-india-pvt-ltd-ia-no-51-jpr-2021-in-cp-no-177-9-jpr-2019-466eb2b2

## Summary

### Background

The case involves an application (IA No. 51/JPR/2021) filed by the Resolution Professional (RP) for Saga Automotive India Pvt. Ltd. under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of liquidation proceedings. The Adjudicating Authority had previously admitted an application filed by Yash Bhardwaj, proprietor of Yash Productions, under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) of Saga Automotive India Pvt. Ltd. and appointed Mr. Prashant Agrawal as Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC).

## Facts

Yash Productions, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Saga Automotive India Pvt. Ltd. Saga Automotive India Pvt. Ltd. is the corporate debtor. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed. The RP invited Expression of Interest (EOI) for resolution plans, receiving eight, but only three qualified. The CoC sought and obtained an extension of the CIRP period. A resolution plan was received but not approved by the CoC. The CoC, with 98.91% voting rights, resolved to liquidate the Corporate Debtor. The RP then filed an application under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC),

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## Issues and analysis

### Issue 1: Whether the application for liquidation was filed within the stipulated timelines and as per the …

**Ratio:** Section 33 of the IBC governs the initiation of liquidation. The Adjudicating Authority

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**Reasoning:** The court considered the timelines of the CIRP, including the initial admission date,

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**Interpretation:** Section 33 of the IBC outlines the conditions under which liquidation can be

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**Application:** The court applied Section 33(1) of the IBC, noting that the CoC had resolved to

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** Saga Automotive…

## Timeline

- **2020-03-04 — Admission of Application…**: The Adjudicating Authority admitted the application filed by Yash Bhardwaj under Section…
- **2020-03-04 — Appointment…**: Mr. Prashant Agrawal was appointed as…

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