# In the matter of Barcle Enterprises Limited IA(IB) No. 695-KB-2021 in CP (IB) No. 830-KB-2018

> NCLT judgment dated 2022-01-24. Citation: TCN-2022-NCLT-04381. The case involves an application (IA(IBC)/695(KB)2021) filed by the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 24 Jan 2022
- **Citation:** TCN-2022-NCLT-04381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/barcle-enterprises-limited-iaib-no-695-kb-2021-in-cp-ib-no-830-kb-2018-19a1639d

## Summary

### Background

The case involves an application (IA(IBC)/695(KB)2021) filed by the Resolution Professional of Barcley Enterprises Limited, the Corporate Debtor, seeking liquidation due to the absence of a resolution plan despite the publication of Form ‘G’. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 29/08/2019. Mr. Jai Narayan Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement in Form ‘A’ was published on 06/09/2019, and the CoC was formed on 24/09/2019. Form ‘G’ was published on 14/11/2019, with a deadline of 02/12/2019 for receiving Expression of Interest, but no such interests were received. The CIRP period was extended and later

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## Facts

Barcley Enterprises Limited (Corporate Debtor) underwent CIRP initiated on 29/08/2019 due to financial distress. Mr. Jai Narayan Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite the publication of Form ‘G’ inviting resolution plans, no Expression of Interest was received by the deadline of 02/12/2019. The CIRP period was extended and later excluded by 369 days, ultimately ending on 28/07/2021. The Resolution Professional filed IA(IBC)/695(KB)2021 seeking liquidation due to the absence of a resolution plan. The last available Balance Sheet on the MCA Portal was only up to 2013-14. The RP has also filed an application being IA (IB) No.315 (KB)2021 under sections 43, 45 and 66 for preferential,

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is obligated to order liquidation of the Corporate Debtor when …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates that the Adjudicating

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**Reasoning:** The court reasoned that the provisions of Section 33(1)(a) and sub-section (2) of the

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**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision that compels the

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**Application:** In this case, since no resolution plan was received despite the publication of

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Respondents:** Barcley Enterprise…; Sujla Suppliers…

## Timeline

- **2019-08-29 — Initiation…**: The Adjudicating Authority ordered the initiation of CIRP against the Corporate Debtor in…
- **2019-09-06 — Public Annou…**: Public announcement in Form ‘A’ was published in Financial Express (English) and Ei Samay…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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