# In the matter of Shapre Infotech India Limited IA-894-IB-2020 in IBA-946-2019

> NCLT judgment dated 2021-01-27. Citation: TCN-2021-NCLT-03223. The Resolution Professional filed an application under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shapre-infotech-india-limited-ia-894-ib-2020-in-iba-946-2019-97f7ca2d

## Summary

### Background

The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor, M/s. Shapre Infotech India Limited, following a resolution passed by the Committee of Creditors.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) was initiated against M/s. Shapre Infotech India Limited by the Tribunal on October 25, 2019. Mr. L.V. Shyam Sundar was initially appointed as the Interim Resolution Professional (IRP). Subsequently, a public announcement was made on October 31, 2019, inviting claims from creditors. A claim from a sole Financial Creditor was received on November 6, 2019, and admitted on November 11, 2019. No other claims were received. The IRP constituted the Committee of Creditors (CoC) with the sole financial creditor on November 11, 2019. In the first CoC meeting held on November 19, 2019, Mr. L.V. Shyam Sundar was appointed as the Resolution Professional (RP). The RP received a claim from National Security Depository Limited

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## Issues and analysis

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

**Ratio:** The Tribunal found that the CoC's decision to liquidate the Corporate Debtor was valid,

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**Reasoning:** The Committee of Creditors (CoC) passed a resolution to liquidate the Corporate Debtor

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**Interpretation:** The Tribunal interpreted **Section 33(2)** of the IBC, 2016, to allow for

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**Application:** Based on the CoC's resolution and the lack of resolution applicants, the

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** L. V. Shyam…; Resolution…
- **Respondents:** M/s. Shapre…
- **Advocates:** For Appli…; Shri. Jayanth…; +1 more

## Timeline

- **October 25, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shapre Infotech…
- **October 31, 2019 — Public Annou…**: Interim Resolution Professional (IRP) caused public announcement calling for claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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