# In the matter of Srinathiji Glazing Pvt. Ltd. IA-696-IB-2020 in CP-952-IB-2018

> NCLT judgment dated 2021-01-05. Citation: TCN-2021-NCLT-03404. The case involves the liquidation of a Corporate Debtor, which was ordered by the Tribunal. The…

- **Court:** NCLT
- **Order date:** 5 Jan 2021
- **Citation:** TCN-2021-NCLT-03404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srinathiji-glazing-pvt-ltd-ia-696-ib-2020-in-cp-952-ib-2018-0fe9a976

## Summary

### Background

The case involves the liquidation of a Corporate Debtor, which was ordered by the Tribunal. The matter was then referred to the IBBI (Insolvency and Bankruptcy Board of India) to appoint a Liquidator. The present IRP (Interim Resolution Professional) expressed his inability to act as the Liquidator.

## Facts

The Tribunal ordered the liquidation of a Corporate Debtor. The Interim Resolution Professional (IRP), Mr. Perumal Ulaganathan, expressed his inability to act as the Liquidator. Consequently, the matter was referred to the Insolvency and Bankruptcy Board of India (IBBI) for the nomination of a Liquidator. The IBBI recommended Mr. S.S. Ravichandran. The Tribunal then confirmed the appointment of Mr. S.S. Ravichandran as the Liquidator of the Corporate Debtor. This confirmation ensures the liquidation process can proceed with a designated Liquidator acting in accordance with the law.

## Issues and analysis

### Issue 1: Whether Mr. S.S. Ravichandran should be appointed as the Liquidator of the Corporate Debtor, …

**Ratio:** When the IRP is unable to act as Liquidator, the IBBI is authorized to recommend a

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**Reasoning:** The Tribunal reasoned that since the IRP expressed his inability to act as Liquidator and

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**Interpretation:** This confirms the process for appointing a Liquidator when the initial IRP is

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**Application:** Given the IRP's inability and the IBBI's recommendation, the Tribunal applied

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Perumal Ulaganatha…
- **Respondents:** Srinathji Glazing…

## Timeline

- **2021-01-05 — Tribunal H…**: Hearing of the Chennai Bench of the National…
- **2020-12-11 — IBBI Corresp…**: IBBI sent a correspondence recommending…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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