# In the matter of Shirt Company (India) Pvt. Ltd. Interloctuory Application 871-2021 in Company Petition No. 2534-I&BP-NCLT-MAH-2019

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00082. The case pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shirt-company-india-pvt-ltd-interloctuory-application-871-2021-in-company-petiti-6f2ad4eb

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Shirt Company (India) Pvt. Ltd., under Section 33(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 26.02.2020, with Mr. V. B. Reddy initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anuj Bajpai was appointed as the Resolution Professional on 18.09.2020. The CoC meetings were conducted, and the RP informed the CoC about discrepancies in the voting percentages and admitted claim amounts of the Financial Creditors, necessitating a re-examination of claim documents. The applicant also sought cooperation from the suspended

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shirt Company (India) Pvt. Ltd. on 26.02.2020. Initially, Mr. V. B. Reddy was appointed as the Interim Resolution Professional (IRP), followed by Mr. Anuj Bajpai as the Resolution Professional (RP) on 18.09.2020. During the second meeting of the Committee of Creditors (CoC) on October 14, 2020, discrepancies were noted regarding the voting percentages and admitted claim amounts of the Financial Creditors, leading to a re-examination of claim documents. The RP filed I.A. 1232 of 2020 seeking cooperation from the suspended Board of Directors and took possession of the registered office on 05.11.2020. The RP also filed an interim application before the Bombay High Court regarding a property at

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Shirt Company (India) Pvt. Ltd., …

**Ratio:** Section 33(1) of the Insolvency & Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Adjudicating Authority considered the fact that no resolution plan was submitted and

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when the CIRP

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**Application:** In this case, since no resolution plan was submitted and the CoC resolved to

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; ANURADHA SANJAY…; +1 more
- **Appellants:** Anuj Ba…
- **Respondents:** Shirt Company…

## Timeline

- **2020-02-26 — CIRP Init…**: Order of admission of CIRP against…
- **2020-09-18 — Appointment…**: Mr. Anuj Bajpai was appointed…

## 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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