# In the matter of Abhiraami Chemicals Limited IA-173-CHE-2021 in CP(IB)-11-CHE-2021

> NCLT judgment dated 2022-09-19. Citation: TCN-2022-NCLT-01018. The application IA/173/CHE/2022 was filed under Section 33 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Sept 2022
- **Citation:** TCN-2022-NCLT-01018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhiraami-chemicals-limited-ia-173-che-2021-in-cpib-11-che-2021-fd7a57e7

## Summary

### Background

The application IA/173/CHE/2022 was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking relief related to the Corporate Insolvency Resolution Process (CIRP) of Abhiraami Chemicals Limited. The CIRP was initiated on 04.10.2021, and Mr. M. Alagar was appointed as the Interim Resolution Professional (IRP). The applicant sought orders for the liquidation of the company, appointment of M. Alagar as the liquidator, and any further orders deemed fit by the Tribunal.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Abhiraami Chemicals Limited was initiated on 04.10.2021. Mr. M. Alagar was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 05.10.2021, and subsequently published in English and Tamil newspapers on 06.10.2021. A corrigendum was issued on 12.10.2021, modifying the last date for submission of claims and the estimated date of closure of the insolvency process. On 19.10.2021, the Applicant visited the registered office of the Corporate Debtor and verified the documents. The applicant identified that the Corporate Debtor had no business operation and no immovable properties. The Corporate Debtor's assets included cash in hand, cash in bank accounts, fixed deposits, and government

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Abhiraami Chemicals Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the CoC to decide to

…

**Reasoning:** The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor in its

…

**Interpretation:** Section 33(2) grants the CoC the authority to decide on liquidation based on

…

**Application:** The CoC's decision to liquidate Abhiraami Chemicals Limited was based on the

…

## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** M.Ala…
- **Respondents:** Abhiraami…

## Timeline

- **2021-10-04 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2021-10-05 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhiraami-chemicals-limited-ia-173-che-2021-in-cpib-11-che-2021-fd7a57e7