# In the matter of Shree Gajapati Paints Private Limited IA-169(KB)-2021 In CP (IB) No.314-KB-2019

> NCLT judgment dated 2021-03-18. Citation: TCN-2021-NCLT-02646. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 18 Mar 2021
- **Citation:** TCN-2021-NCLT-02646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-gajapati-paints-private-limited-ia-169kb-2021-in-cp-ib-no314-kb-2019-f0fd5182

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Shree Gajapati Paints Private Limited, the Corporate Debtor, due to the absence of a viable Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Arvind Industrials, an Operational Creditor. The CIRP commenced on October 25, 2019, and concluded on January 26, 2021, after accounting for exclusions due to lockdown periods and extensions. The Committee of Creditors (CoC) resolved to initiate liquidation, and the RP sought the Adjudicating Authority's approval for the same.

## Facts

Arvind Industrials, an Operational Creditor, filed a petition against Shree Gajapati Paints Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on October 25, 2019, and appointed an Interim Resolution Professional (IRP). Mr. Rasik Singhania was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on November 28, 2019. The RP published Form-G thrice to invite Expression of Interest for a Resolution Plan, but no plan was received. The CIRP period was extended, considering the lockdown period from March 25, 2020, to September 30, 2020, and a one-time extension of 90 days. The CoC, in its 8th meeting on January 6,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Shree Gajapati Paints Private …

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

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**Reasoning:** The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with a 100%

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the CoC approved the liquidation with a 100% voting share, and

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## Parties

- **Judges:** Rajasekh…; Harish Chander…
- **Appellants:** Arvind Indu…
- **Respondents:** Shree Gajapati…

## Timeline

- **2019-10-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Shree Gajapati Paints…
- **2019-11-28 — Appointment…**: Mr. Rasik Singhania appointed as the Resolution Professional (RP) by the Committee of…

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