# In the matter of Sri Maharaja Oil Imports & Exports India Pvt. Ltd. CP-531-IB-CB-2017

> NCLT judgment dated 2018-02-09. Citation: TCN-2018-NCLT-01858. The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Feb 2018
- **Citation:** TCN-2018-NCLT-01858
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-maharaja-oil-imports-exports-india-pvt-ltd-cp-531-ib-cb-2017-a619fd1c

## Summary

### Background

The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for passing a liquidation order against the Corporate Debtor, M/s. Sri Maharaja Oil Imports & Exports India Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated after the Financial Creditor, State Bank of India, filed an application under Section 7 of the I&B Code, which was admitted on 04.08.2017. A moratorium was declared, and Mr. R. Raghavendran was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoCs) was constituted, and meetings were held, but no resolution plan was presented. The CIRP period of 180 days expired on 30.01.2018, and no resolution plan was received.

## Facts

The Corporate Debtor, M/s. Sri Maharaja Oil Imports & Exports India Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) after an application filed by the Financial Creditor, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016, was admitted on 04.08.2017. Mr. R. Raghavendran was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and meetings were conducted. However, no resolution plan was presented within the stipulated 180-day CIRP period, which expired on 30.01.2018. The CoC, including the State Bank of India, requested the Resolution Professional to initiate liquidation proceedings due to the company's closed operations and the absence of potential

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is justified in ordering the liquidation of the Corporate Debtor …

**Ratio:** Section 33(1)(a) of the I&B Code, 2016, allows the Adjudicating Authority to order

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**Reasoning:** The Adjudicating Authority reasoned that the CIRP period had expired on 30.01.2018, and

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**Interpretation:** Section 33(1)(a) provides a clear mandate for liquidation when the CIRP fails

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**Application:** In this case, the CIRP period expired without a resolution plan being

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. Sri Maharaja…

## Timeline

- **2017-08-04 — Admission of Section 7…**: The application filed by State Bank of India under Section 7 of the I&B Code was…
- **2017-08-07 — First Meeting…**: The first meeting of the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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