# In the matter of Usha Multipack Pvt. Ltd. I.A. No. 795-2010 in C.P. (IB) No. 295-7-NCLT--2018

> NCLT judgment dated 2020-06-24. Citation: TCN-2020-NCLT-01121. The application was filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLT-01121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/usha-multipack-pvt-ltd-ia-no-795-2010-in-cp-ib-no-295-7-nclt-2018-9aad64e5

## Summary

### Background

The application was filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP), Mr. Pinakin Shah, for the Corporate Debtor, M/s. Usha Multipack Private Limited. The company was admitted into CIRP on 2018-11-27 due to a default in paying a financial debt of Rs.3,34,37,055/- to M/s. Siemens Financial Services Pvt. Ltd. The RP was appointed as the Interim Resolution Professional (IRP) and later confirmed. The IRP constituted a Committee of Creditors (CoC) consisting of one financial creditor with 100% voting rights. The RP published notices inviting resolution plans. The Gujarat Tax Department submitted a claim of Rs.8,03,881/-. The RP also filed an application under Section 19(2) of the I.B. Code, 2016, alleging

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## Facts

Usha Multipack Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2018-11-27 due to its failure to pay a financial debt of Rs.3,34,37,055/- to Siemens Financial Services Pvt. Ltd. Pinakin Shah was appointed as the Resolution Professional (RP). The RP formed a Committee of Creditors (CoC) consisting of a single financial creditor. The RP published notices to invite resolution plans. The Gujarat Tax Department submitted a claim of Rs.8,03,881/-. The RP filed an application under Section 19(2) of the I.B. Code, 2016, alleging non-cooperation by the suspended directors. The CIRP period of 180 days was completed on 2018-08-16 and was extended by 90 days. No resolution plan was received during the CIRP period. The CoC passed a resolution on

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## Issues and analysis

### Issue 1: Whether the application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that the CIRP period, including the extension, had elapsed without any

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP process fails to produce

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**Application:** Since no resolution plan was received during the CIRP period, and the CoC had

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Pinakin Shah RP…
- **Respondents:** Usha Multipack…; Usha Multipack…

## Timeline

- **2018-11-27 — Admission in…**: Usha Multipack Private Limited was admitted into CIRP due to default in paying financial…
- **2018-08-16 — Completion of Initial…**: The initial CIRP period of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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