# In the matter of AEGIS MEDICINES PVT LTD

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00732. 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-00732
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-medicines-pvt-ltd-50ed86b6

## 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 application is based on a resolution passed by the Committee of Creditors (CoC) during 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).

## 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 application was based on the resolution passed by the Committee of Creditors (CoC) in its 12th meeting held on 15.12.2023. CP No. (IB)-(MB) 4493/2019 was admitted by the Tribunal on 25.11.2022, and Mr. Girish Siriram Juneja was appointed as 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, on 28.11.2022, in three newspapers inviting claims from the creditors of the Corporate Debtor, with the last

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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 CoC, in its commercial wisdom, decided that liquidation was the most prudent course

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**Interpretation:** Section 33(2) grants significant weight to the CoC's decision regarding

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**Application:** The CoC's approval of liquidation with 100% of the votes, coupled with the RP's

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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 CP(IB)No.…
- **2022-11-25 — Admission of CP No.…**: 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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