# In the matter of Surina Impex Private Ltd. CA(IB) No. 200-KB-2018 alongwith CP (IB) No. 618-KB-2018

> NCLT judgment dated 2020-02-11. Citation: TCN-2020-NCLT-02000. The case pertains to an application for the initiation of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 11 Feb 2020
- **Citation:** TCN-2020-NCLT-02000
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surina-impex-private-ltd-caib-no-200-kb-2018-alongwith-cp-ib-no-618-kb-2018-0dc784fd

## Summary

### Background

The case pertains to an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Surina Impex Private Ltd. The application was filed by State Bank of India, the financial creditor, due to the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. However, the corporate debtor lacked sufficient assets to resolve its insolvency, and the RP faced resistance in taking control of the assets. The Committee of Creditors (CoC) ultimately recommended liquidation.

## Facts

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Surina Impex Private Ltd. The application was based on the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The NCLT admitted the application on 07.08.2019, initiating the CIRP. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made public announcements and called for claims from creditors. State Bank of India and Indian Overseas Bank lodged claims. The Committee of Creditors (CoC) was constituted, with State Bank of India holding 61.91% of the voting share and Indian Overseas Bank

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Surina Impex Private Ltd., should be liquidated due to the failure of …

**Ratio:** When the Corporate Insolvency Resolution Process (CIRP) fails to achieve a resolution

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**Reasoning:** The court reasoned that the CIRP had failed because the corporate debtor lacked

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**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Application:** In this case, the CIRP failed because the corporate debtor, Surina Impex

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Sanjai Kuma…
- **Respondents:** Surina Impex…

## Timeline

- **2018-01-01 — CP(IB) No. 618/KB/2018…**: Filing of CP(IB) No. 618/KB/2018…
- **2019-08-07 — Admission o…**: The NCLT admitted the application and initiated the Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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