# 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-01780. 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-01780
- **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-2-57482ef4

## 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, and claims were invited from creditors. Several meetings of the Committee of Creditors (CoC) were held to explore resolution plans. Despite multiple attempts and extensions, no viable resolution plan was approved by the CoC.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) for Sunlight Extrusion Private Limited on February 25, 2020. Abhishek Nagori was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP compiled a list of creditors, including financial creditors like Central Bank of India with a claim of Rs. 22,07,16,141.00. Several Committee of Creditors (CoC) meetings were held. The CoC decided to appoint Abhishek Nagori as the RP. The RP published Expression of Interest (EOI) in Form-G multiple times. Only one resolution applicant, M/s Khandwala Finstock Private Limited, submitted a resolution plan, which was later rejected by the CoC with 100% voting rights on March 19,

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## Issues and analysis

### Issue 1: Whether the application for initiation of liquidation process under Section 33 of the Insolvency …

**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 extensions, no viable resolution

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a

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**Application:** Since no resolution plan was approved, and the CoC resolved to liquidate, the

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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 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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