# In the matter of SRS Limited CA N. 391-2019 in CP (IB) No. 201-Chd-Hry-2018

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00992. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00992
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srs-limited-ca-n-391-2019-in-cp-ib-no-201-chd-hry-2018-759f26e5

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of SRS Limited (Corporate Debtor). This application was prompted by the Committee of Creditors (CoC) rejecting the sole Resolution Plan submitted by Movie Times Complex Private Limited and Movie Time Cinemas Private Limited during a meeting on 2019-05-10. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India under Section 7 of the Code, which was admitted on 2018-08-21, leading to a moratorium and the appointment of Ashok Kumar Gulla as Interim Resolution Professional, later confirmed as Resolution Professional by the CoC on

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## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against SRS Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 2018-08-21, and a moratorium was declared. Ashok Kumar Gulla was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). Form G was published on 2018-10-30, inviting expressions of interest (EOI), and ten EOIs were received. The last date for submission of EOIs was extended to 2018-12-12, and the last date for submission of the Resolution Plan was revised to 2019-01-23. Three resolution plans were received from Movie Time Cine Plex Private Limited & Movie Time Cinemas Private Limited, Sahil Virmani, and Davinder Kumar. The plan

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, are …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Adjudicating Authority observed that the CIRP period had expired on 2019-05-18, and

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

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**Application:** In this case, the CIRP period expired without an approved resolution plan due

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** State Bank of…
- **Respondents:** SRS Lim…

## Timeline

- **2018-08-21 — CIRP Init…**: Petition filed by State Bank of India under Section 7 of the Code was admitted,…
- **2018-08-21 — Moratorium D…**: A moratorium was declared following…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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