# In the matter of South Indian Mint and Aromatic Product Limited MA-323-2019 in CP-341-(IB)-2019

> NCLT judgment dated 2019-04-10. Citation: TCN-2019-NCLT-03975. The case involves an application (MA/323/2019 in CP/341/(IB)/2018) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 10 Apr 2019
- **Citation:** TCN-2019-NCLT-03975
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/south-indian-mint-and-aromatic-product-limited-ma-323-2019-in-cp-341-ib-2019-695181dc

## Summary

### Background

The case involves an application (MA/323/2019 in CP/341/(IB)/2018) filed by the Resolution Professional, Mr. C. Ramasubramaniam, under Section 33(2) and Section 60 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. South Indian Mint and Aromatic Products Limited. Initially, an application under Section 9 of the I&B Code, 2016 was filed by M/s. Gangai Earth Movers (Operational Creditor) against the Corporate Debtor to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the application and initiated the CIRP, declaring a moratorium and appointing Mr. Vasudevan Gopu as the Interim Resolution Professional (IRP). Mr. C. Ramasubramaniam was later proposed as the Resolution

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## Facts

M/s. Gangai Earth Movers (Operational Creditor) initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. South Indian Mint and Aromatic Products Limited (Corporate Debtor) by filing an application under Section 9 of the I&B Code, 2016. The Adjudicating Authority admitted the application, declared a moratorium, and appointed Mr. Vasudevan Gopu as the Interim Resolution Professional (IRP). Later, Mr. C. Ramasubramaniam was appointed as the Resolution Professional (RP). The RP received a claim of Rs.8,16,66,706.49 from IDBI, the Financial Creditor. The RP invited Expression of Interest (Eol) for submission of Resolution Plans, setting a deadline of 2019-02-17. However, no Resolution Plan was received by the RP. The Committee of Creditors (CoC) decided

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. South …

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

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**Reasoning:** The Adjudicating Authority noted that the Resolution Professional had invited Expression

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**Interpretation:** Section 33(2) is interpreted strictly to mean that if no resolution plan is

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**Application:** In this case, since no resolution plan was received despite efforts by the

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** C. Ramasubr…
- **Respondents:** M/s. South Indian…

## Timeline

- **2018-06-04 — CIRP Init…**: Adjudicating Authority admitted the application under Section 9 of I&B Code and initiated…
- **2018-08-23 — CoC Meet…**: 2nd Meeting of CoC held, where Mr. C. Ramasubramaniam was proposed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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