# In the matter of A R Coating Solutions (India) Private Limited

> NCLT judgment dated 2024-05-21. Citation: TCN-2024-NCLT-01296. The application was filed by the Resolution Professional seeking an order for the commencement…

- **Court:** NCLT
- **Order date:** 21 May 2024
- **Citation:** TCN-2024-NCLT-01296
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/a-r-coating-solutions-india-private-limited-85a098be

## Summary

### Background

The application was filed by the Resolution Professional seeking an order for the commencement of liquidation of the Corporate Debtor, as no resolution plan was received within the stipulated period.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) was initiated against AR Coating Solution (India) Private Limited (Corporate Debtor) on September 20, 2019, following an application by ABC Infra Equipment Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Hemantprakash Shyamsunder Jain was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on October 2, 2019, in Financial Express and Navakal newspapers, as per section 15 of the IBC, inviting claims from creditors. Subsequently, four claims were received from operational creditors, leading to the constitution of a Committee of Creditors (COC). The total approved claim amount was Rs. 71,70,115. The First COC meeting was held

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated as per the resolution passed by the Committee of …

**Ratio:** The Corporate Debtor is ordered to be liquidated in accordance with the resolution passed

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**Reasoning:** The Adjudicating Authority noted that the Committee of Creditors had passed a resolution

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

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**Application:** Given the COC's resolution for liquidation and the absence of a resolution

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…; +3 more
- **Appellants:** Hemantprakash…; Resolution…
- **Respondents:** AR Coating…
- **Advocates:** For Applicant:…

## Timeline

- **September 20, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against AR Coating Solution…
- **October 2, 2019 — Public Annou…**: IRP made a public announcement to…

## Legal provisions

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

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