# In the matter of Shivam Water Treaters Pvt. Ltd. IA 251-2019, MA-876,1082,2314 & 2400-2019 in CP (IB) 1882(MB)-2018

> NCLT judgment dated 2019-07-17. Citation: TCN-2019-NCLT-02478. The case involves an application for liquidation of the Corporate Debtor, Shivam Water Treaters…

- **Court:** NCLT
- **Order date:** 17 Jul 2019
- **Citation:** TCN-2019-NCLT-02478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivam-water-treaters-pvt-ltd-ia-251-2019-ma-87610822314-2400-2019-in-cp-ib-1882-a411a3fe

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, Shivam Water Treaters Pvt Ltd, under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Company Petition was admitted on 2018-10-15. Mrs. Hema Manoj Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) passed a resolution in its 9th meeting on 2019-07-11 with 100% vote share to appoint Ms. Hema Shah as the Liquidator.

## Facts

The Company Petition against Shivam Water Treaters Pvt Ltd was admitted on 2018-10-15. Mrs. Hema Manoj Shah was appointed as IRP and later confirmed as RP on 2018-11-14. The CIRP period of 180 days expired on 2019-04-13 and was extended by 90 days. However, due to the non-cooperation of the promoter, the RP did not receive custody and control of the Corporate Debtor. No resolution plan was received within the permitted period. The CoC, consisting of Asset Reconstruction Company (India) Limited (60.29% voting share), Pegasus Assets Reconstruction Private Limited (39.46% voting share), and Premjayanti Enterprises Private Limited (0.25% voting share), passed a resolution on 2019-07-11 with 100% vote share to appoint Ms. Hema Shah as the Liquidator. The RP highlighted the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shivam Water Treaters Pvt Ltd, should be liquidated under Section 33 …

**Ratio:** Section 33 of the IBC allows for the liquidation of a corporate debtor when no resolution

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**Reasoning:** The CoC, in its 9th meeting, resolved with 100% vote share to liquidate the Corporate

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to produce

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**Application:** Since no resolution plan was received within the stipulated time, and the CoC

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Mrs Hema Manoj…
- **Respondents:** Shivam Water…; Mr Gaurav Dave &…

## Timeline

- **2018-10-15 — Admission of Company…**: The Company Petition against Shivam Water…
- **2018-11-14 — Appointment of…**: Mrs. Hema Manoj Shah was confirmed as…

## Legal provisions

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

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