# In the matter of SURYA SHAKTI RESOURCES PRIVATE LIMITED

> NCLT judgment dated 2025-07-17. Citation: TCN-2025-NCLT-01216. An application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for…

- **Court:** NCLT
- **Order date:** 17 Jul 2025
- **Citation:** TCN-2025-NCLT-01216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surya-shakti-resources-private-limited-f0f9c1e4

## Summary

### Background

An application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Surya Shakti Resources Private Limited.

## Facts

An insolvency petition was filed under Section 7 of the Insolvency and Bankruptcy Code by the Financial Creditor.

The Corporate Debtor was admitted into CIRP vide order dated 24.01.2023.

The Committee of Creditors (CoC) consists of a sole member, Globe Fincap Limited.

The Resolution Professional published Form-G twice, but no resolution plan was received.

The CoC passed a resolution for liquidation of the corporate debtor in its 6th meeting dated 19.07.2023.

The CoC approved the estimated liquidation cost of Rs. 5,25,000 plus applicable GST.

The IBBI guidelines dated 18.07.2023 state that an IP other than the IRP/RP may be appointed as liquidator.

Mr. Sanjay Mehra was appointed as the liquidator as recommended by the CoC.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(2) of the Insolvency and …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** No resolution plan was received despite the Resolution Professional publishing Form-G

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**Interpretation:** The conditions under Section 33(2) of the Code are satisfied, justifying the

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**Application:** The Corporate Debtor, Surya Shakti Resources Private Limited, is directed to be

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Arvind M…; Globe Finca…
- **Respondents:** Surya Shakti…; M/s Surya Shakti…
- **Other parties:** Sanjay…; DEVENDRA…
- **Advocates:** Raghav K…

## Timeline

- **2023-01-24 — Admission in…**: The corporate debtor was admitted into…
- **2023-02-23 — First CoC M…**: The CoC in their first meeting held on 23.02.2023 resolved to ratify the appointment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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