# In the matter of SBO Exports Private Limited CA No. 248-ND-2019 in Company Petition No. (IB)-560(ND)-2018

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01672. The case involves an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sbo-exports-private-limited-ca-no-248-nd-2019-in-company-petition-no-ib-560nd-20-0f1bdce2

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/S SBO Exports Private Limited. The operational creditor, M/S Gromax India, had previously filed an application (IB 560(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 2018-07-30, and Mr. Atul Kumar was appointed as the Interim Resolution Professional (IRP). A public announcement was made as per regulations. During the CIRP, the ex-management of the corporate debtor was untraceable, and no information regarding the assets of the corporate debtor was

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## Facts

M/S Gromax India, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/S SBO Exports Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2018-07-30. Mr. Atul Kumar was appointed as the Interim Resolution Professional (IRP). The ex-management of the corporate debtor was untraceable since the beginning of CIRP, and no information regarding the assets was available. The RP filed a non-cooperation application against the ex-management under Section 19 of the IBC. Warrants were issued for five ex-directors, one of whom was in judicial custody. Two directors were traced but claimed ignorance of the corporate debtor's affairs. Three ex-directors

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be terminated and the corporate …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides that where the

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**Reasoning:** The Tribunal reasoned that the CIRP had failed due to the lack of information,

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**Interpretation:** Section 33(1) mandates liquidation when a resolution plan is not received

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**Application:** In this case, no resolution plan was received within the stipulated time frame,

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** Abhishek…
- **Respondents:** M/S SBO Exports…
- **Advocates:** Rahul S…

## Timeline

- **2018-07-30 — Admission of Ap…**: The application filed by M/S Gromax India under Section 9 of the IBC for initiating CIRP…
- **2018-07-30 — Appointment…**: Mr. Atul Kumar was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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