# In the matter of Sri Vari Metal Works Private Limited MA-627-2018 In CP-549-IB-CB-2017

> NCLT judgment dated 2018-12-05. Citation: TCN-2018-NCLT-00170. The case involves a Miscellaneous Application (MA/627/2018) filed in CP/549/IB/CB/2017 by the…

- **Court:** NCLT
- **Order date:** 5 Dec 2018
- **Citation:** TCN-2018-NCLT-00170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-vari-metal-works-private-limited-ma-627-2018-in-cp-549-ib-cb-2017-9ffa6a0f

## Summary

### Background

The case involves a Miscellaneous Application (MA/627/2018) filed in CP/549/IB/CB/2017 by the Resolution Professional, Mr. S. Rajagopal, under Sections 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Sri Vari Metal Works Private Limited. The original application, CP/549/IB/CB/2017, was filed under Section 7 of the I&B Code, 2016, by the Financial Creditor, M/s. North East Centre for Technology Application and Reach (NECTAR). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. S. Rajagopal was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. North East Centre for Technology Application and Reach (NECTAR), the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Vari Metal Works Private Limited, the Corporate Debtor, under Section 7 of the I&B Code, 2016. The CIRP was admitted on 2018-01-09. Mr. S. Rajagopal was appointed as the Interim Resolution Professional (IRP). The Resolution Professional made newspaper publications inviting Expression of Interest (EoI) for a resolution plan. The Committee of Creditors (CoC) held its first meeting on 2018-02-26, consisting of three Financial Creditors with voting rights of 8.60%, 81.42%, and 9.98%. The IRP aggregated claims amounting to Rs. 35,12,74,415.29. The CoC consented to apply for an extension of the CIRP period

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, M/s. Sri Vari Metal Works Private Limited, should …

**Ratio:** Section 33 of the I&B Code, 2016, provides the legal basis for ordering the

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with a voting share of 90.61%.

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**Interpretation:** Section 33 of the I&B Code, 2016, allows the NCLT to order liquidation when

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**Application:** Given the CoC's approval and the application filed by the Resolution

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## Parties

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

## Timeline

- **2017-01-01 — CP/549/IB/CB/2…**: CP/549/IB/CB/2017 was filed under Section 7 of the I&B Code, 2016, by the Financial…
- **2018-01-09 — CIRP Init…**: The CIRP was initiated…

## 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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