# In the matter of Aegis Medicines Private Limited

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00735. 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-00735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-medicines-private-limited-bc4cb6fa

## 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 in its 12th meeting on 15.12.2023 to pursue liquidation. 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 claims received. The RP invited Expression of Interest (EoI) and received five EoIs. The CoC deliberated on a resolution plan but ultimately rejected it with 100% votes. Subsequently, the CoC approved the

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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 pursue liquidation in its 12th meeting held on 15.12.2023. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25.11.2022, and Mr. Juneja was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors, with the last date for submission being 12.12.2022. The RP received five Expressions of Interest (EoI) from Prospective Resolution Applicants (PRA). The CoC deliberated on a resolution plan submitted by a consortium but rejected it with 100%

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**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) under

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

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**Application:** The court applied Section 33(2) to the facts of the case, noting that the CoC

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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) F…**: CP(IB)No. 4493/MB/CII/20…
- **2022-11-25 — CIRP Admi…**: CP No. (IB)-(MB) 4493/2019…

## 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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