# In the matter of Sura Leathers Private Limited I.A. No. 113 of 2020 in C.P. (IB) No. 41-BB-2019

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01817. The case pertains to I.A. No. 113 of 2020 in C.P. (IB) No. 41/BB/2019 filed by Mr. V.…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01817
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sura-leathers-private-limited-ia-no-113-of-2020-in-cp-ib-no-41-bb-2019-2294b4f7

## Summary

### Background

The case pertains to I.A. No. 113 of 2020 in C.P. (IB) No. 41/BB/2019 filed by Mr. V. Duraisamy, the Resolution Professional (RP) of M/s. Sura Leathers Private Limited, seeking liquidation of the Corporate Debtor. The initial Company Petition was filed by M/s Vansun Intermediates Private Limited under Section 9 of the IBC, 2016, initiating the CIRP process. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. Duraisamy as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). The CoC resolved to appoint Mr. V. Duraisamy as the Resolution Professional. Despite efforts to find a viable resolution plan, the CoC ultimately decided to recommend liquidation of the Corporate

…

## Facts

M/s. Vansun Intermediates Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sura Leathers Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. V. Duraisamy as the Interim Resolution Professional (IRP). Mr. Duraisamy, as IRP, made a public announcement and constituted a Committee of Creditors (CoC). The CoC appointed Mr. Duraisamy as the Resolution Professional (RP). Two resolution plans were received, one from M/s. Vansun Intermediates Private Limited and another from M/s. Percept Leathers. The CoC rejected the resolution plan of M/s. Vansun Intermediates because the offer was lower than the liquidation value and contained

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Sura Leathers Private Limited, should be liquidated in …

**Ratio:** Section 33(2) of the I&B Code allows the Adjudicating Authority to order the

…

**Reasoning:** The Committee of Creditors (CoC) rejected both resolution plans submitted for the

…

**Interpretation:** Section 33(2) of the I&B Code provides that if the resolution plans are not

…

**Application:** In this case, the CoC rejected both resolution plans and recommended

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Vansun…
- **Respondents:** M/s Sura Leathers…; M/s Sura Leathers…

## Timeline

- **2019-05-31 — Admission of Petition…**: The Adjudicating Authority admitted the Company Petition and appointed Mr. V. Duraisamy…
- **2019-06-11 — IRP Receives O…**: The Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sura-leathers-private-limited-ia-no-113-of-2020-in-cp-ib-no-41-bb-2019-2294b4f7