# In the matter of Aegis Medicines Private Limited

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00731. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Aug 2024
- **Citation:** TCN-2024-NCLT-00731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-medicines-private-limited-9f990b32

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Girish Siriram Juneja, the Resolution Professional (RP) of Aegis Medicines Private Limited, seeking a liquidation order. The Committee of Creditors (CoC) had resolved to liquidate the company in its 12th meeting held on December 15, 2023. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Juneja was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The CoC was formed based on the received claims. The RP invited Expression of Interest (EoI) for resolution plans, but the CoC rejected the submitted plan with 100% votes and subsequently approved the commencement of

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## Facts

Mr. Girish Siriram Juneja, the Resolution Professional (RP) of Aegis Medicines Private Limited, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order. The Committee of Creditors (CoC) resolved to liquidate the company during its 12th meeting on December 15, 2023. CP No. (IB)-(MB) 4493/2019 was admitted by the Tribunal on November 25, 2022, and Mr. Juneja was appointed as the Interim Resolution Professional (IRP). The Applicant published Form A as per Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, inviting claims from creditors, with a submission deadline of December 12, 2022. The IRP published Form G in two newspapers

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

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

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**Reasoning:** The court considered the application filed by the Resolution Professional (RP) seeking

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The CoC's decision to approve liquidation with 100% votes, coupled with the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Girish Siriram…
- **Respondents:** Aegis Medicines…; State Bank of…

## Timeline

- **2019-01-01 — CP(IB)No. 4493/MB/CII/20…**: Filing of Corporate Insolvency…
- **2022-11-25 — Admission of CP No.…**: The Tribunal admitted CP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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