# In the matter of Saurabh (India) Pvt. Ltd. IB-1162-ND-2019

> NCLT judgment dated 2019-11-19. Citation: TCN-2019-NCLT-00544. The case involves an application under Section 33(1)(a) read with Section 33(2) of the IBC for…

- **Court:** NCLT
- **Order date:** 19 Nov 2019
- **Citation:** TCN-2019-NCLT-00544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saurabh-india-pvt-ltd-ib-1162-nd-2019-2c789892

## Summary

### Background

The case involves an application under Section 33(1)(a) read with Section 33(2) of the IBC for the liquidation of the corporate debtor. The Resolution Professional submitted a progress report on actions taken from 2019-09-16 to 2019-10-31, including a consolidated report of the 5th meeting held on 2019-11-05. The Committee of Creditors (COC) has expressed the opinion that there is no option left except to liquidate the corporate debtor, as there is no scope for its revival.

## Facts

M/s. Janki Parshad & Company filed a petition against M/s. Saurabh (India) Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional submitted a progress report on the actions taken between September 16, 2019, and October 31, 2019. The Committee of Creditors (COC) expressed the opinion that there was no option left but to liquidate the corporate debtor, as there was no scope for its revival. The Resolution Professional moved an application under Section 33(1)(a) read with Section 33(2) of the IBC for passing an order for liquidation. The court considered the submissions made by the Resolution Professional and the opinion of the COC. The court granted the prayer sought by the Resolution Professional and confirmed the

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## Issues and analysis

### Issue 1: Whether the application under Section 33(1)(a) read with Section 33(2) of the IBC for liquidation …

**Ratio:** Section 33 of the IBC allows for the initiation of liquidation proceedings when the

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**Reasoning:** The court considered the submissions made by the Resolution Professional and the opinion

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the COC, after due

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**Application:** The court applied the ratio to the facts of the case, noting that the COC had

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## Parties

- **Judges:** SHRI. P.S.N.…; V.K. SUB…
- **Appellants:** M/s. Janki…
- **Respondents:** M/s. Saurabh…

## Timeline

- **2019-09-16 — Start of Resolution…**: The Resolution Professional started taking actions related to the insolvency resolution…
- **2019-10-31 — End of Resolution…**: The Resolution Professional concluded the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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