# In the matter of SECL Industries Pvt. Ltd. CA No.274-2018 In CP (IB) No. 91-Chd-Pb=2018

> NCLT judgment dated 2018-07-24. Citation: TCN-2018-NCLT-01085. SECL Industries Pvt. Ltd. filed a petition to initiate the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 24 Jul 2018
- **Citation:** TCN-2018-NCLT-01085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/secl-industries-pvt-ltd-ca-no274-2018-in-cp-ib-no-91-chd-pb2018-cbf5363b

## Summary

### Background

SECL Industries Pvt. Ltd. filed a petition to initiate the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2017-10-25, and a moratorium was declared. Mr. Alok Kaushik was appointed as the Interim Resolution Professional on 2017-11-03, and later replaced by Mr. Amandeep Singh as the Resolution Professional on 2017-12-29. The Resolution Professional filed an application to pass a Liquidation Order under Section 33 of the Code.

## Facts

SECL Industries Pvt. Ltd. initiated CIRP under Section 10 of the IBC. The petition was admitted on 2017-10-25, and a moratorium was declared. Alok Kaushik was initially appointed as the Interim Resolution Professional on 2017-11-03, but was later replaced by Amandeep Singh on 2017-12-29. The suspended directors of SECL Industries were uncooperative, and the CIRP could not be completed within 180 days. The company was not an ongoing concern, and its assets had been sold under securitization. No resolution plan was received, leading the COC to resolve for liquidation on 2018-07-19. Amandeep Singh consented to act as the liquidator. The key fact is that the company was not viable and no resolution plan was received, leading to the liquidation order.

## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for ordering …

**Ratio:** Section 33(2) of the Code states that if the RP intimates the Adjudicating Authority that

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**Reasoning:** The court reasoned that the COC had approved the liquidation with the required majority,

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the COC determines

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**Application:** In this case, the COC approved liquidation, and the RP informed the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** SECL Industries…; SECL Industries…

## Timeline

- **2017-10-25 — Petition Ad…**: Petition filed by SECL Industries Pvt. Ltd.…
- **2017-11-03 — Appointment…**: Mr. Alok Kaushik was appointed as…

## 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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