# In the matter of Shree Balaji Printopack Pvt. Limited C.A. 421-C-III-2018 and C.A. 407-C-III-2018 and C.A. 59-C-III-2019 in Company Petiiton No. (IB)-391((ND)-2018

> NCLT judgment dated 2019-04-03. Citation: TCN-2019-NCLT-04178. The case involves an application (C.A. 407) filed by the Resolution Professional under Section…

- **Court:** NCLT
- **Order date:** 3 Apr 2019
- **Citation:** TCN-2019-NCLT-04178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-balaji-printopack-pvt-limited-ca-421-c-iii-2018-and-ca-407-c-iii-2018-and-dc443c0b

## Summary

### Background

The case involves an application (C.A. 407) filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Shree Balaji Printpack Pvt. Limited. The operational creditor, Usaka Electrotech Pvt. Ltd, had initially filed a petition (IB 391(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2018-06-13. The Committee of Creditors (COC) voted in favor of liquidation with 74.98% majority in its 3rd meeting held on 2018-11-20, as no resolution plan was approved.

## Facts

Usaka Electrotech Pvt. Ltd., an operational creditor, filed a petition (IB 391(ND)/2018) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Shree Balaji Printpack Pvt. Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 2018-06-13. Ms. Mitali Shah was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Devinder Arora. The Committee of Creditors (COC) was formed, and in its 3rd meeting held on 2018-11-20, 74.98% of the members voted in favor of liquidation. No resolution plan was approved within the statutory CIRP period. The Resolution Professional filed C.A. 407 seeking directions for liquidation. Two valuers, Adroit Technical

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## Issues and analysis

### Issue 1: Whether the application C.A. 407 filed by the Resolution Professional for liquidation of the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The court reasoned that since no resolution plan was approved by the COC and the

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

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**Application:** In this case, the absence of a resolution plan, the expiration of the CIRP

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## Parties

- **Judges:** Sh.R. Varad…; DeepaKr…
- **Appellants:** Usaka Electrotech…
- **Respondents:** Shree Balaji…

## Timeline

- **2018-06-13 — Admission of CIRP…**: The application filed by Usaka Electrotech Pvt. Ltd. under Section 9 of the IBC for…
- **2018-07-18 — First COC M…**: In the first meeting of the Committee of Creditors (COC), it was decided to replace the…

## 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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