# In the matter of Ambica Polad Pvt. Ltd.

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03209. The application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ambica-polad-pvt-ltd-ed75c172

## Summary

### Background

The application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor, seeking initiation of liquidation. The Corporate Debtor was admitted to CIRP on 17.10.2022. The Applicant was appointed as Interim Resolution Professional. A public announcement was made on 20.10.2022. The Interim Resolution Professional (IRP) was made a Resolution Professional in the first CoC meeting dated 18.11.2022. Two expressions of interest were submitted. No Resolution Plans came forward for discussion before CoC. In the 7th meeting of CoC dated 08.06.2023, the resolution for liquidation was passed by CoC with 100% voting and the Applicant was instructed to file for liquidation application.

## Facts

The Corporate Debtor was admitted to CIRP on 17.10.2022, and the Applicant was appointed as Interim Resolution Professional. A public announcement was made on 20.10.2022. The Interim Resolution Professional (IRP) was made a Resolution Professional in the first CoC meeting dated 18.11.2022. Two expressions of interest were submitted for consideration. On 01.03.2023, two password-protected Resolution Plans were received. The PRAs failed to provide unconditional Bid Bond Guarantee (BBG) of 20 lakhs. The CoC granted extensions for submission of BBG. The CoC rejected the request of the Resolution Applicants. In the 7th CoC meeting dated 08.06.2023, the CoC decided to go in for liquidation with 100% voting. The Applicant filed IA No.3302/2023 under Section 33 of The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, in its 7th meeting dated 08.06.2023, decided to go in for liquidation with 100%

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation when resolution

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**Application:** The CoC's decision, based on the failure of resolution and the inability of the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Shri. Avil…
- **Respondents:** M/s Ambica Polad…; M/s Laxmi…
- **Advocates:** Rahesh…

## Timeline

- **2022-10-17 — CIRP Admi…**: Corporate Debtor…
- **2022-10-17 — CIRP Admissio…**: Receipt of the CIRP…

## 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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