# In the matter of Smart I Security & Automation Pvt. Ltd.

> Read the full IBC case summary for In the matter of Smart I Security & Automation Pvt. Ltd.. NCLT judgment dated 2025-05-01. Citation: TCN-2025-NCLT-00987.

- **Court:** NCLT
- **Order date:** 1 May 2025
- **Citation:** TCN-2025-NCLT-00987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/smart-i-security-automation-pvt-ltd-ba2244cd

## Summary

### Background

The Interlocutory Application was filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, to initiate the liquidation process for Smart I Security & Automation Pvt. Ltd (Corporate Debtor) as no resolution plan was received and the Committee of Creditors decided to liquidate the company.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Smart I Security & Automation Pvt. Ltd (Corporate Debtor) was initiated by the Tribunal's order dated August 18, 2023, following the admission of a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP), but due to personal difficulties, he did not accept the appointment. Subsequently, Mrs. Bharati Daga was appointed as the IRP on December 4, 2023, and later confirmed as the Resolution Professional by the Committee of Creditors (CoC) in their first meeting on January 2, 2023.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Smart I Security & Automation Pvt. Ltd, should be liquidated under…

**Ratio:** When no Resolution Plan is received under Section 30(6) of the Insolvency and Bankruptcy…

**Reasoning:** The Committee of Creditors (CoC) in its 5th meeting on May 24, 2024, decided to initiate…

**Interpretation:** The court interpreted Section 33(2) and Section 30(6) of the Insolvency and…

**Application:** Given that the CoC resolved for liquidation and no Resolution Plan was…

## Parties

- **Judges:** SH. SANJI…; SH. ASHISH…
- **Advocates:** Raina B…

## Timeline

- **August 18, 2023 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **December 4, 2023 — IRP Appoi…**: Mrs. Bharati Daga was appointed as the Interim Resolution Professional (IRP) of the…

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