# In the matter of Stewarts and Lloyds of India Limited (SLIL) Company Petition (IB) No. 213-KB-2017

> NCLT judgment dated 2017-10-26. Citation: TCN-2017-NCLT-00261. The Company Petition (IB) No.213/KB/2017 was filed by the Corporate Debtor, M/s. Stewarts and…

- **Court:** NCLT
- **Order date:** 26 Oct 2017
- **Citation:** TCN-2017-NCLT-00261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stewarts-and-lloyds-of-india-limited-slil-company-petition-ib-no-213-kb-2017-9f59ad5d

## Summary

### Background

The Company Petition (IB) No.213/KB/2017 was filed by the Corporate Debtor, M/s. Stewarts and Lloyds of India Limited (SLIL), Kolkata, under Section 10 of the Insolvency & Bankruptcy Code, 2016, alleging that the company's total current liabilities of Rs.82.1071 crores exceeded its assets. The company had been making losses in its operations for the years 2015-16 and 2016-17, with negative cash flow for both years. The petition was admitted on May 1, 2017, and Shri Sandeep Kumar Gupta was appointed as Interim Resolution Professional.

## Facts

Stewarts and Lloyds of India Limited (SLIL) filed a company petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, stating that its liabilities exceeded its assets by Rs.82.1071 crores. The company had been incurring losses in the years 2015-16 and 2016-17. The petition was admitted on May 1, 2017, and Sandeep Kumar Gupta was appointed as Interim Resolution Professional. Only one meeting of the Committee of Creditors was held on June 12, 2017. The Interim Resolution Professional submitted a report stating that no resolution plan had been received. The 180-day period for the Corporate Insolvency Resolution Process (CIRP) was expiring on October 28, 2017. The Resolution Professional did not advertise the notice in the newspaper for inviting proposal

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be put under liquidation due to the absence of a resolution …

**Ratio:** Chapter-III of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency &

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**Reasoning:** The court noted that no resolution plan was submitted within the 180-day period and that

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**Interpretation:** The legal framework mandates liquidation if the CIRP fails to produce a viable

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**Application:** Since no resolution plan was submitted and the statutory timeframe had expired,

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## Parties

- **Judges:** Vijai Prata…; Jinan…
- **Respondents:** Stewarts And…

## Timeline

- **2017-05-01 — Petition Ad…**: The company petition…
- **2017-05-01 — Appointment…**: Sandeep Kumar Gupta was appointed as…

## 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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