# In the matter of Sunlight Extrusion Private Limited I.A. No. 271 of 2021 in CP(IB) No. 261-7-NCLT-AHM-2018

> NCLT judgment dated 2021-07-12. Citation: TCN-2021-NCLT-01785. 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-01785
- **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-cbbe36ee

## 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, no viable resolution plan was received. The CoC ultimately resolved to initiate the liquidation process of the Corporate Debtor.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) for Sunlight Extrusion Private Limited on February 25, 2020, appointing Abhishek Nagori as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP compiled a list of creditors and presented it to the National Company Law Tribunal (NCLT). The first meeting of the Committee of Creditors (CoC) was held on June 16, 2020, where Abhishek Nagori was appointed as the Resolution Professional (RP). Subsequent CoC meetings discussed the submission of resolution plans, with the last date set for September 24, 2020. An extension of 90 days was granted to complete the CIRP. Despite these efforts, only one resolution applicant, Ramdev

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by the Resolution Professional under Sections 33(1), …

**Ratio:** The legal principle applied is that if no viable resolution plan is received despite

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**Reasoning:** The court reasoned that the Resolution Professional and the Committee of Creditors (CoC)

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**Interpretation:** The interpretation of the law is that when the CIRP fails to produce a viable

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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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 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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