# In the matter of Shree Ganesh EPC Private Limited IA 1335-IB-2019 in IBA-786-2019

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00964. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ganesh-epc-private-limited-ia-1335-ib-2019-in-iba-786-2019-1832e9a8

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, regarding Shree Ganesh EPC Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by the Corporate Debtor under Section 10 of IBC, 2016. The Tribunal initiated CIRP vide its order dated 06.09.2019, and Mr. J. Manivannan was appointed as the Interim Resolution Professional. Subsequently, the CoC resolved to appoint the Applicant as the Resolution Professional. The CoC moved MA/1336/2019 under section 22(3)(b) of IBC, 2016, and the Tribunal appointed the Applicant as the Resolution Professional of the Corporate Debtor vide its order dated 30.12.2019. The Expression of Interest (EOI) was published, and several

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## Facts

Shree Ganesh EPC Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 2019-09-06. Mr. J. Manivannan was initially appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) later appointed the Applicant, S. Rajendran, as the Resolution Professional. Several Expression of Interests (EOIs) were received, and the CoC held multiple meetings to evaluate resolution plans. Due to the COVID-19 pandemic, the process was delayed. Three resolution plans were submitted by Mr. N. Azagappan & Mrs. L.K. Rajam, Mrs. S. Ramanathan and Mr.M. Karunanithi, and KSG Enterprises pvt ltd. However, the CoC rejected all three plans as they were deemed

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Shree Ganesh EPC Private Limited, should be liquidated under Section …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The CoC unanimously resolved to liquidate the corporate debtor after determining that all

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, the CoC's unanimous decision to liquidate, coupled with the

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## Parties

- **Judges:** R. Sucha…; Anil Ku…; +2 more
- **Appellants:** S. RAJE…
- **Respondents:** Ganesh EPC…
- **Advocates:** R. V. Yajur…

## Timeline

- **2019-09-06 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2019-12-30 — Appointment of…**: The Tribunal appointed the Applicant as the Resolution Professional of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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