# In the matter of Aaj Ka Anand Papers Limited I.A. 654 OF 2023 in C.P.(IB) No. 760-MB-2021

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03843. The application I.A. No. 654/2023 was filed by the Resolution Professional, Ms. Vineeta…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaj-ka-anand-papers-limited-ia-654-of-2023-in-cpib-no-760-mb-2021-0ba5fd78

## Summary

### Background

The application I.A. No. 654/2023 was filed by the Resolution Professional, Ms. Vineeta Maheshwari, seeking liquidation of Aaj Ka Anand Papers Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by State Bank of India, the Financial Creditor, vide order dated 31.03.2022. Ms. Vineeta Maheshwari was appointed as the Interim Resolution Professional.

## Facts

The Resolution Professional, Ms. Vineeta Maheshwari, filed an application seeking liquidation of Aaj Ka Anand Papers Limited. The CIRP was initiated following the admission of a petition filed by State Bank of India. The Resolution Professional published FORM-G and received EOIs from multiple parties, but some withdrew their EOIs. A Resolution Plan was received from M/s Wonder Developers, but the CoC sought clarifications on several issues. The RA submitted a revised resolution plan, which was rejected by the CoC with a 100% vote. Consequently, the CoC passed a resolution for the liquidation of the Corporate Debtor. The CoC members on 23.01.2023 with 100% vote passed a resolution to appoint Mr. Jitendra Kumar Jain as Liquidator of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed under Section 33 …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for the initiation of

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**Reasoning:** The CoC rejected the resolution plan submitted by the Resolution Applicant with a 100%

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**Interpretation:** Section 33 of the Code is interpreted to mean that if a resolution plan is not

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**Application:** In this case, the CoC rejected the resolution plan, and therefore, the Tribunal

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Vineeta Mah…
- **Respondents:** Aaj Ka Anand…; State Bank of…

## Timeline

- **2021-01-10 — RA submitted revised…**: The Resolution Applicant submitted a revised resolution plan and insisted on the release…
- **2022-03-31 — Petition admitted under…**: The Tribunal admitted the petition under Section 7 of the Code filed by State Bank of…

## 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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