# In the matter of Samudra Biopharma Pvt. Ltd. MA-424-2018 in CP-359-IB-2018

> NCLT judgment dated 2018-10-03. Citation: TCN-2018-NCLT-00678. The case involves a Miscellaneous Application (MA/424/2018) filed in CP/359/IB/2018 by the…

- **Court:** NCLT
- **Order date:** 3 Oct 2018
- **Citation:** TCN-2018-NCLT-00678
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samudra-biopharma-pvt-ltd-ma-424-2018-in-cp-359-ib-2018-707ca8df

## Summary

### Background

The case involves a Miscellaneous Application (MA/424/2018) filed in CP/359/IB/2018 by the Resolution Professional, Mr. Mudappallur Varieth Gangadharan, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Samudhra Bio Pharma Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 04.06.2018. The CIRP was initiated by the Financial Creditor, International Asset Reconstruction Company Private Limited (IARCL), under Section 7 of the I&B Code 2016. CP/359/(IB)/2017 was admitted, and a moratorium was declared on 04.06.2018. Mr. Mudappallur Varieth Gangadharan was appointed as the Interim Resolution Professional (IRP).

## Facts

The International Asset Reconstruction Company Private Limited (IARCL) initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Samudhra Bio Pharma Private Limited under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The CIRP commenced on 04.06.2018. Mr. Mudappallur Varieth Gangadharan was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoCs) decided to liquidate the Corporate Debtor in its meeting held on 31.08.2018. The Resolution Professional then filed MA/424/2018 seeking an order for liquidation. The CoC's resolution dated 04.07.2018 is placed at page 18. The Resolution Professional placed a proposal before the CoCs for appointment of Valuer to determine the value of assets of the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Samudhra Bio …

**Ratio:** Section 33 of the I&B Code, 2016, allows the Adjudicating Authority to pass a

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**Reasoning:** The CoCs resolved to liquidate the Corporate Debtor after exploring various

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

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**Application:** The court applied Section 33 of the I&B Code, 2016, and the resolution

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. Samudhra Bio…

## Timeline

- **2018-04-06 — CIRP Commencement and…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-04-06 — Appointment…**: Mr. Mudappallur Varieth Gangadharan was appointed as the Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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