# In the matter of Yogiraj Ginning and Oil Industries Pvt. Ltd. IA-859-2022 in CP (IB) 130-7-NCLT-AHM-2021

> NCLT judgment dated 6 Jun 2023. Citation: TCN-2023-NCLT-03077. The application was filed by the Resolution Professional for the liquidation of the Corporate…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yogiraj-ginning-and-oil-industries-pvt-ltd-ia-859-2022-in-cp-ib-130-7-nclt-ahm-2-1a7d0d9b

## Summary

### Background

The application was filed by the Resolution Professional for the liquidation of the Corporate Debtor due to the failure to receive any resolution plan during the Corporate Insolvency Resolution Process (CIRP).

## Facts

The present application was filed by Ms. Vineeta Maheshwari, the Resolution Professional of M/s. Yogiraj Ginning & Oil Industries Private Limited, seeking the liquidation of the Corporate Debtor. The application was made under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code, 2016, due to the failure to receive a resolution plan.

The Adjudicating Authority had previously admitted an application filed by the State Bank of India under Section 7 of the Code on April 18, 2022, initiating the Corporate Insolvency Resolution Process (CIRP) against Yogiraj Ginning & Oil Industries Private Limited. Ms. Vineeta Maheshwari was appointed as the Interim Resolution Professional (IRP).

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## Issues and analysis

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

**Ratio:** When no resolution plan is received during the CIRP, and the CoC, in its commercial…

**Reasoning:** The CoC, in its commercial wisdom, passed a resolution with 100% voting share to…

**Interpretation:** The court interpreted Section 33(1)(a) and Section 33(2) of the IBC, which…

**Application:** Given that no resolution plan was submitted by any Prospective Resolution…

## Parties

- **Judges:** Deep Chandr…; Ajai Das Me…
- **Advocates:** Ravi P…; Rajiv C…; +1 more

## Timeline

- **April 18, 2022 — CIRP Admi…**: Adjudicating Authority admitted the application filed by State Bank of India under…
- **April 21, 2022 — Public Annou…**: Public announcement was made, and…

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