# In the matter of Super Multicolour Printers Pvt.Ltd. CP (IB) No.08-Chd-CHD-2017

> NCLT judgment dated 2018-05-23. Citation: TCN-2018-NCLT-01372. The case pertains to the corporate insolvency resolution process (CIRP) of Super Multicolour…

- **Court:** NCLT
- **Order date:** 23 May 2018
- **Citation:** TCN-2018-NCLT-01372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/super-multicolour-printers-pvtltd-cp-ib-no08-chd-chd-2017-58bdcfa9

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Super Multicolour Printers Pvt. Ltd. initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 07.04.2017. Mr. Prakash Dev Sharma was appointed as Interim Resolution Professional (IRP). Subsequently, Shri Prakash Dev Sharma was confirmed as Resolution Professional (RP) in the first meeting of the Committee of Creditors (COC) held on 04.05.2017. Later, Shri Rajiv Khurana replaced the RP on 24.08.2017, and the replacement was approved on 19.09.2017. The resolution plan presented by Mr. Sunil Guglani, Promoter Director, was disapproved by the financial creditors. An application for extension of CIRP time was allowed until 03.10.2017. An expression of

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## Facts

Super Multicolour Printers Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated after an application was filed by the corporate debtor. The application was admitted on 07.04.2017. Initially, Mr. Prakash Dev Sharma was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Subsequently, Mr. Rajiv Khurana replaced Mr. Sharma as RP. A resolution plan presented by Mr. Sunil Guglani, the Promoter Director, was rejected by the financial creditors. An extension of the CIRP period was granted. An Expression of Interest (EOI) was published, and a resolution plan from Aravali Publishers Pvt. Ltd. was received but also rejected

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Super Multicolour Printers (P) Ltd., should be liquidated under …

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

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**Reasoning:** The Committee of Creditors (COC) unanimously decided to liquidate the corporate debtor in

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**Interpretation:** Section 33 provides the legal basis for liquidation when resolution efforts

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**Application:** The COC's decision, coupled with the failure of resolution plans and the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Super Multicolour…; Mr.Sunil G…

## Timeline

- **2017-04-07 — Admission of Ap…**: The application under Section 10 of the Insolvency and Bankruptcy Code, 2016, was…
- **2017-04-07 — Appointment…**: Mr. Prakash Dev Sharma was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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