# In the matter of Shriram SEPL Composites Private Limited IA-287-(CHE)-2022 in IBA-911-2019

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-04878. The application was filed by the Resolution Professional (RP) of M/s. Shriram SEPL Composites…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-04878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/shriram-sepl-composites-private-limited-ia-287-che-2022-in-iba-911-2019-6c843571

## Summary

### Background

The application was filed by the Resolution Professional (RP) of M/s. Shriram SEPL Composites Private Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the Corporate Debtor.

## Facts

The CIRP of the Corporate Debtor was initiated by the Tribunal.

Mr. Perumal Ulaganathan was appointed as Interim Resolution Professional (IRP) on 23.12.2020.

The Committee of Creditors (CoC) was constituted on 14.01.2021.

The applicant, Ajay S. Jain, was appointed as the Resolution Professional during the second meeting of the CoC.

The CoC rejected the resolution plan received from Vahith Information Technology Services Private Limited.

The CoC resolved with 100% voting rights to liquidate the Corporate Debtor under Section 33(1)(a) of the IBC, 2016.

Mr. Ajay S. Jain consented to act as the Liquidator of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1)(a) of the …

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

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**Reasoning:** The CoC resolved with 100% voting rights to liquidate the Corporate Debtor due to the

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**Interpretation:** The Tribunal interpreted Section 33(1)(a) of the IBC, 2016 to allow for

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**Application:** The Tribunal applied Section 33(1)(a) of the IBC, 2016 and allowed the

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Ajay S…
- **Respondents:** Shriram SEPL…
- **Other parties:** Perumal Ulaganatha…
- **Advocates:** Jayanthi…

## Timeline

- **2020-12-23 — Appointment…**: Mr. Perumal Ulaganathan was appointed as…
- **2020-12-30 — Public Annou…**: Public announcement calling for the claimants from the Creditors of the Corporate Debtor…

## 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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