# In the matter of Shri Narsing Dev Sugar Private Limited CA No. 160-2018 in CP(IB) No. 238-ALD-2018

> NCLT judgment dated 2020-01-23. Citation: TCN-2020-NCLT-02196. The case involves an application filed by the Resolution Professional under Section 31(1) read…

- **Court:** NCLT
- **Order date:** 23 Jan 2020
- **Citation:** TCN-2020-NCLT-02196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-narsing-dev-sugar-private-limited-ca-no-160-2018-in-cpib-no-238-ald-2018-1d08bc5a

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 31(1) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation and appointment of a liquidator for M/s Shri Narsingh Dev Sugar Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 06.09.2018, and Mrs. Babita Jain was appointed as the Interim Resolution Professional and later as the Resolution Professional. A resolution plan submitted by Pioneer Fabricators (P) Ltd. was rejected by the Committee of Creditors (COC) with a 100% voting share. The maximum statutory period for completing the CIRP was set to expire on 2nd June 2019, leaving no option but to apply for liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Shri Narsingh Dev Sugar Private Limited on 06.09.2018. Mrs. Babita Jain was appointed as the Interim Resolution Professional and later as the Resolution Professional. A resolution plan submitted by Pioneer Fabricators (P) Ltd. was considered by the Committee of Creditors (COC) but was rejected with a 100% voting share. The maximum statutory period of 270 days for the CIRP was expiring on 2nd June 2019. The Resolution Professional then filed an application for liquidation under Section 31(1) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The COC members were in favor of liquidation. The Adjudicating Authority considered the application and the documents annexed and decided

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s Shri Narsingh Dev Sugar …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that the members of the COC were in favor of the

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**Interpretation:** Section 33(1) provides the Adjudicating Authority with the power to order

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**Application:** In this case, the COC's support for liquidation, combined with the expiration

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Mrs Babit…
- **Respondents:** M/s Shri Narsing…; Sh. Manvender…

## Timeline

- **2018-09-06 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s Shri Narsingh Dev…
- **2018-09-06 — Appointment…**: Mrs. Babita Jain appointed as the…

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