# 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-03826. 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-03826
- **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-a4e0fca7

## Summary

### Background

The application I.A. No. 654/2023 was filed by the Resolution Professional, Ms. Vineeta Maheshwari, seeking the 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 Applicant was appointed as the Interim Resolution Professional of the Corporate Debtor by the Tribunal.

## Facts

The Resolution Professional, Ms. Vineeta Maheshwari, filed an application seeking liquidation of Aaj Ka Anand Papers Limited. The CIRP was initiated after State Bank of India filed a petition under Section 7 of the Code. The Resolution Professional published FORM-G multiple times, receiving EOIs from various parties, including Riddhisiddhi Bullions Limited, Augmont Enterprises Private Limited, Wonder Developers, Mr. Krishnan Agarwal, and Nakshatra Corporate Advisors Limited. The Resolution Applicant submitted a Binding Submission Bond Guarantee (BSBG) of Rs. 1.00 Crore. The CoC sought clarifications on issues pertaining to equity shares, unpaid CIRP costs, source of funds, and claims not admitted by the RP. The RA submitted a revised resolution plan, but the CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Aaj Ka Anand Papers Limited, …

**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(1) of the IBC allows for liquidation when a resolution plan is not

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**Application:** Since the CoC rejected the resolution plan with a 100% vote, the Tribunal found

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## Parties

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

## Timeline

- **2022-03-31 — Tribunal…**: Tribunal admitted the petition under Section 7 of the Code, filed by State Bank of India,…
- **2022-06-30 — Last Date for EOI…**: No party submitted EOI…

## 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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