# In the matter of Shiv Cotgin Pvt. Ltd. & Ors. C.P. (I.B) No. 73-10-NCLT-AHM-2017

> NCLT judgment dated 2018-04-27. Citation: TCN-2018-NCLT-01477. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 27 Apr 2018
- **Citation:** TCN-2018-NCLT-01477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shiv-cotgin-pvt-ltd-ors-cp-ib-no-73-10-nclt-ahm-2017-caf413a4

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking an order for the liquidation of the Corporate Debtor, Shiv Cotgin Pvt Ltd. The Corporate Debtor had initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its third meeting resolved to recommend liquidation as no resolution plan was received.

## Facts

Shiv Cotgin Pvt Ltd. initiated CIRP under Section 10 of the IBC, leading to the appointment of an IRP. The COC, in its third meeting on 2018-02-16, resolved to recommend liquidation due to the absence of any resolution plan. The 180-day CIRP period expired on 2018-02-17. The RP filed an application under Section 33(2) of the IBC seeking a liquidation order. No response was received to the expression of interest for resolution. The COC members unanimously voted in favor of liquidation. The RP, Manoj Gangwal, was to continue as liquidator.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an order for the liquidation of the Corporate …

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

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**Reasoning:** The court reasoned that since the CIRP period had expired, no resolution plan was

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CIRP fails to

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**Application:** In this case, the application of Section 33(2) to the facts led to the

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Aayog d…
- **Respondents:** Shiv Cotgin Pvt…

## Timeline

- **2018-02-16 — COC Meet…**: The COC in its third meeting resolved to recommend liquidation as no resolution plan was…
- **2018-02-17 — CIRP Perio…**: The 180-day period provided for the Corporate…

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