# In the matter of Sterling SEZ & Infrastructure Ltd. M.A. No. 2422 of 2019 In C.P. No. 405-IB-2018

> NCLT judgment dated 2021-10-18. Citation: TCN-2021-NCLT-00731. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 18 Oct 2021
- **Citation:** TCN-2021-NCLT-00731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sterling-sez-infrastructure-ltd-ma-no-2422-of-2019-in-cp-no-405-ib-2018-0e7ff334

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, M/s. Sterling SEZ and Infrastructure Ltd., due to the absence of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed, and later, a Resolution Professional (RP) was appointed after a Committee of Creditors (CoC) meeting. Initially, the CIRP was withdrawn based on a CoC application under Section 12A of the IBC, but the withdrawal order was later stayed due to lack of consultation with the Ministry of Corporate Affairs. The bench recalled the withdrawal of CIRP order

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## Facts

On 2018-07-16, the bench initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sterling SEZ and Infrastructure Ltd. based on a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishal Ghisulal Jain was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Vishal Ghisulal Jain was appointed as the Resolution Professional (RP) after a Committee of Creditors (CoC) meeting on 2018-08-27. The CoC had previously filed an application under Section 12A of the IBC, leading to the withdrawal of CIRP, but this was later stayed and recalled due to lack of consultation with the Ministry of Corporate Affairs. The maximum period of 270 days for CIRP completion expired on 2019-04-11. No

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a resolution plan and the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that the maximum period for CIRP completion had elapsed, and no

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**Interpretation:** The interpretation of Section 33 emphasizes the importance of adhering to the

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**Application:** Given the facts that no resolution plan was presented and the CIRP period had

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Srei Infrastructur…
- **Respondents:** M/s. Sterling SEZ…

## Timeline

- **2018-07-16 — CIRP Init…**: The bench initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sterling…
- **2018-08-27 — RP Appoin…**: Mr. Vishal Ghisulal Jain was appointed as the Resolution Professional (RP) after a…

## Legal provisions

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

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