# In the matter of Sunlight Extrusion Private Limited I.A No. 271 of 2021 in CP(IB) No. 261-7-NCLT-AHM-2019

> NCLT judgment dated 2021-07-12. Citation: TCN-2021-NCLT-01778. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Sunlight…

- **Court:** NCLT
- **Order date:** 12 Jul 2021
- **Citation:** TCN-2021-NCLT-01778
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunlight-extrusion-private-limited-ia-no-271-of-2021-in-cpib-no-261-7-nclt-ahm-2-1ba1b398

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Sunlight Extrusion Private Limited. The Adjudicating Authority admitted the Corporate Debtor into CIRP on February 25, 2020, and appointed Mr. Abhishek Nagori as the Interim Resolution Professional (IRP). Public announcements were made, claims were invited from creditors, and the Committee of Creditors (CoC) was constituted. Several CoC meetings were held to explore resolution plans. Despite multiple attempts, no viable resolution plan was received.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) for M/s Sunlight Extrusion Private Limited on February 25, 2020, appointing Mr. Abhishek Nagori as the Interim Resolution Professional (IRP). Following this, a public announcement was made, inviting claims from creditors. The Committee of Creditors (CoC) was subsequently formed. Several meetings of the CoC were convened to explore potential resolution plans. An application was filed on 21.08.2020 bearing IA No. 602 of 2020 for extension of CIRP for further 90 days beyond 180 days and also sought exclusion of 130 days. This Adjudicating Authority had allowed the said application and excluded the 130 days as well extended period of 90 days vide order dated 21.09.2020. Despite these

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## Issues and analysis

### Issue 1: Whether the application for initiating the liquidation process of M/s Sunlight Extrusion Private …

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

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**Reasoning:** The court reasoned that despite multiple attempts and the publication of Form-G, no valid

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**Interpretation:** The interpretation of Section 33 in this context is that liquidation is the

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**Application:** The court applied this ratio to the facts of the case, noting that the CoC had

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Abhishek…
- **Respondents:** Sunlight Extrusion…; Sunlight Extrusion…

## Timeline

- **2020-02-25 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into the Corporate Insolvency…
- **2020-03-19 — Public Annou…**: Public announcement was made in newspapers 'Business Standard (English)' and 'Divya…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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