# In the matter of Varia Aluminium Pvt. Ltd. & Ors. IA 254-2019 in C.P. (IB) No. 128-NCLT-AHM-2017

> NCLT judgment dated 2019-06-17. Citation: TCN-2019-NCLT-02865. The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-NCLT-02865
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/varia-aluminium-pvt-ltd-ors-ia-254-2019-in-cp-ib-no-128-nclt-ahm-2017-99f048cd

## Summary

### Background

The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code by the Resolution Professional of Varia Aluminium Pvt. Ltd., seeking liquidation of the company. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Varia Aluminium Pvt. Ltd. under Section 7 of the Code, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) resolved to liquidate the company as no resolution plan was received. The Adjudicating Authority considered the application and the fact that the CIRP had expired.

## Facts

Varia Aluminium Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its 12th meeting held on 09.04.2019, resolved to liquidate the company because no resolution plan was received. The Corporate Insolvency Resolution Process (CIRP) expired on 28.11.2017. The Resolution Professional filed an application under Section 33(1) of the IBC seeking an order for liquidation. The COC voted 100% in favor of liquidation. The Adjudicating Authority considered the application and decided to pass a liquidation order.

## Issues and analysis

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

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code allows for liquidation when no

…

**Reasoning:** The Committee of Creditors (COC) resolved to liquidate the company as no resolution plan

…

**Interpretation:** Section 33(1) provides a clear pathway for liquidation when the CIRP fails to

…

**Application:** Since no resolution plan was received and the COC voted in favor of

…

## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** NATASHA AHRUMAN…
- **Respondents:** Varia Aluminium…

## Timeline

- **2019-04-09 — COC Meet…**: The COC in its 12th meeting…
- **2017-11-28 — CIRP Exp…**: Corporate Insolvency…

## 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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