# In the matter of Cape Engineers Private Limited IA-1342-IB-2021 in IBA-785-2019

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-04908. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04908
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/cape-engineers-private-limited-ia-1342-ib-2021-in-iba-785-2019-9f644538

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Cape Engineers Private Limited.

## Facts

An application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for liquidation of M/s. Cape Engineers Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated on 06.09.2019, and Mr. J. Manivannan was appointed as Interim Resolution Professional (IRP).

The CoC resolved to appoint the Applicant, S. Rajendran, as the Resolution Professional (RP) in its second meeting held on 11.11.2019.

The Resolution Professional invited 'Expression of Interest' (EoI) in newspapers on 27.01.2020 for submission of Resolution Plans.

Four EOIs were received as on 25.02.2020, and the CoC extended the CIRP period by 90 days.

Three resolution plans were received, including from promoters, but were rejected by the CoC in the 8th meeting.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for the liquidation of the Corporate …

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

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**Reasoning:** The CoC rejected all three resolution plans submitted, deeming them unviable and not

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**Interpretation:** The Adjudicating Authority interpreted Section 33(2) to allow for liquidation

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**Application:** The Adjudicating Authority, based on the CoC's decision and the provisions of

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** S. RAJE…
- **Respondents:** M/s. Cape…
- **Other parties:** J. Maniv…; Chitra Perinkulam…
- **Advocates:** R. V. Yajur…

## Timeline

- **2019-09-06 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for M/s. Cape Engineers Private…
- **2019-11-11 — CoC Meet…**: CoC resolved to appoint S. Rajendran as…

## 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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