# 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-01646. 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-01646
- **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-20-61d7cf15

## 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 Regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

M/S Gromax India, the 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). A public announcement was made. The ex-management of the corporate debtor was untraceable, and there was no information available regarding the assets. The Resolution Professional (RP) filed a non-cooperation application against the ex-management. Warrants were issued for five ex-directors, but only two were traced, and they claimed ignorance of the corporate debtor's affairs. The RP was unable to prepare an information

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## Issues and analysis

### Issue 1: Whether the corporate debtor, M/S SBO Exports Private Limited, should be liquidated due to the …

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

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**Reasoning:** The Tribunal noted that the CIRP period had expired, and no resolution plan was

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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, the CIRP period expired without a resolution plan. The Tribunal

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## Parties

- **Judges:** DEEPTI M…; Sh. Hemant Kumar…
- **Appellants:** Abhishek…
- **Respondents:** M/S SBO Exports…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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