# In the matter of Sahil International Pvt. Ltd.  CA No. 910-2019 In CP (IB) No.121-Chd-Pb-2018

> NCLT judgment dated 2019-11-18. Citation: TCN-2019-NCLT-00569. The case pertains to the corporate insolvency resolution process (CIRP) of M/s Sahil…

- **Court:** NCLT
- **Order date:** 18 Nov 2019
- **Citation:** TCN-2019-NCLT-00569
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sahil-international-pvt-ltd-ca-no-910-2019-in-cp-ib-no121-chd-pb-2018-bc37f1d0

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of M/s Sahil International Pvt. Ltd. initiated under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by an application filed by RPG Industrial Products Pvt. Ltd., an operational creditor. Initially, Mr. Mahesh Bansal was appointed as the Interim Resolution Professional (IRP), later substituted by Mr. Mahesh Chandra Purohit. Despite efforts to find a resolution plan, including multiple invitations for expression of interest (EOI), no viable plan was received. Consequently, the Committee of Creditors (COC) decided to liquidate the corporate debtor.

## Facts

RPG Industrial Products Pvt. Ltd. initiated CIRP against M/s Sahil International Pvt. Ltd. under Section 33 & 34 of the Insolvency and Bankruptcy Code, 2016. CP (IB) No.121/Chd/Pb/2018 was admitted. Mr. Mahesh Bansal was initially appointed as the Interim Resolution Professional (IRP) on 21.01.2019. Mr. Mahesh Chandra Purohit replaced Mr. Bansal as the Resolution Professional (RP) on 29.03.2019. Invitation for expression of interest (EOI) was issued on 19.04.2019 and published on 20.04.2019. The last date for submission of the resolution plan was 19.06.2019. Only one EOI was received, but no resolution plan was submitted. The COC decided to extend the CIRP period for 90 days on 10.07.2019. A second invitation for EOI was issued on 26.07.2019 and published on

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## Issues and analysis

### Issue 1: Whether the corporate debtor, M/s Sahil International Pvt. Ltd., should be liquidated due to the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, mandates liquidation when

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**Reasoning:** The court reasoned that despite multiple attempts to find a resolution plan, including

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the CIRP failed to produce a resolution plan despite multiple

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** RPG Industrial…
- **Respondents:** M/s Sahil…

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No.121/Chd/Pb/20…
- **2019-01-21 — IRP Appo…**: Mr. Mahesh Bansal appointed as…

## 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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