# In the matter of Shri Ganesh Fire Equipments Pvt. Ltd. I.A. 5619-2020 in Company Petition No. (IB) - 364(ND)-2019

> NCLT judgment dated 2021-12-23. Citation: TCN-2021-NCLT-00053. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 23 Dec 2021
- **Citation:** TCN-2021-NCLT-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-ganesh-fire-equipments-pvt-ltd-ia-5619-2020-in-company-petition-no-ib-364nd-907dcb8c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Shri. Ganesh Fire Equipments Pvt. Ltd. by the operational creditor, Jasmeet Associates, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 06.02.2020, and Ms. Rekha Sharma was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement, collated claims, and constituted a Committee of Creditors (CoC). Form-G for invitation of expression of interest (EOI) was published in newspapers on multiple dates, but no resolution plan was received. The Tribunal extended the CIRP period by 90 days on 24.09.2020. The maximum CIRP period of 270 days expired on 25.12.2020 without a resolution plan. The 7th meeting

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## Facts

Jasmeet Associates, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Shri. Ganesh Fire Equipments Pvt. Ltd., the corporate debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the application on 06.02.2020, thereby commencing CIRP. Rekha Sharma was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). Despite inviting expressions of interest (EOI) through Form-G published in newspapers on 26.07.2020, 11.08.2020, and 30.09.2020, no resolution plan was received for the corporate debtor. The Tribunal extended the CIRP period by 90 days on 24.09.2020. However, the maximum

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the failure of the Corporate Insolvency …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016 mandates that where the

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**Reasoning:** The court reasoned that the CIRP had failed to produce a resolution plan within the

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**Interpretation:** Section 33(1) is interpreted strictly to mean that if a resolution plan is not

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**Application:** Since no resolution plan was received within the prescribed CIRP period, the

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## Parties

- **Judges:** DHARMINDER…; Prasanta Kumar…
- **Respondents:** M/s Shri. Ganesh…; Jasmeet Ass…

## Timeline

- **2020-02-06 — CIRP Init…**: Application under Section 9 of IBC admitted,…
- **2020-07-26 — EOI Publica…**: Form-G for invitation of expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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