# 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-03215. The case pertains to an Interlocutory Application (IA/894/IB/2020) filed under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shapre-infotech-india-limited-ia-894-ib-2020-in-iba-946-2019-acfc5bd5

## Summary

### Background

The case pertains to an Interlocutory Application (IA/894/IB/2020) filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Shapre Infotech India Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25.10.2019. The applicant was appointed as Interim Resolution Professional (IRP) and subsequently as Resolution Professional (RP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with a sole financial creditor. The CoC decided to liquidate the Corporate Debtor as no expression of interest was received from any prospective resolution applicant.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shapre Infotech India Limited on 2019-10-25. The applicant, Mr. L.V Shyam Sundar, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made, inviting claims from creditors, with a deadline of 2019-10-31. The IRP received a claim from a financial creditor on 2019-11-06, which was admitted on 2019-11-11. The Committee of Creditors (CoC) was formed with a sole financial creditor on 2019-11-11. The first CoC meeting was held on 2019-11-19, where the applicant was appointed as the RP. National Security Depository Limited (NSDL) submitted a claim on 2019-11-15. The RP requested clarifications from NSDL, but no reply was

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor as no

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the resolution process

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**Application:** In this case, since no resolution plan was approved by the CoC within the

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Respondents:** M/s. Shapre…

## Timeline

- **2019-10-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shapre Infotech…
- **2019-10-01 — Appointment…**: Mr. L.V Shyam Sundar appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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