# In the matter of Samaara Leather Private Limited MA-87-2020 in CP-141-IB-2019

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01530. The case involves an application filed by the Resolution Professional seeking the liquidation…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samaara-leather-private-limited-ma-87-2020-in-cp-141-ib-2019-010d0997

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking the liquidation of the Corporate Debtor, M/s. Samaara Leather Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor's Corporate Insolvency Resolution Process (CIRP) was initiated, and the applicant was appointed as the Interim Resolution Professional (IRP) on 2019-04-12. A public announcement was made on 2019-04-19, inviting claims from creditors. Claims were filed by Financial and Operational Creditors, but no claims were received from workers and employees. The Committee of Creditors (CoC) was constituted on 2019-05-08, and its first meeting was held on 2019-05-13. The CoC resolved to appoint the applicant as the Resolution Professional

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## Facts

M/s. Samaara Leather Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and the applicant was appointed as the Interim Resolution Professional (IRP) on 2019-04-12. A public announcement was made on 2019-04-19, inviting claims from creditors. Claims were filed by Financial and Operational Creditors, but no claims were received from workers and employees. The Committee of Creditors (CoC) was constituted on 2019-05-08, and its first meeting was held on 2019-05-13. The CoC resolved to appoint the applicant as the Resolution Professional on 2019-05-13. Two IBBI Registered Valuers were appointed on 2019-05-22 for valuation of the Corporate Debtor's assets. The fair value of the assets was valued at Rs. 3,98,71,053/- and the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016 allows for the initiation of liquidation proceedings if no

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**Reasoning:** The court reasoned that no resolution plan was forthcoming within the stipulated time

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if the CIRP fails to yield

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**Application:** In this case, since no resolution plan was received, and the CoC voted for

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## Parties

- **Judges:** R. VARADH…; S. VIJAYARA…
- **Appellants:** K.MURUGAN…
- **Respondents:** M/s. Samaara…
- **Advocates:** Shri. M.S.…; Shri.V. Man…

## Timeline

- **2019-04-12 — Appointment…**: The Applicant was appointed as the…
- **2019-04-19 — Public Annou…**: Public announcement was made calling for the claimants from the Creditors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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