# In the matter of Classic Bottle Caps Pvt. Ltd. IA-1570-ND-2021 in Company Petition No. (IB)-2144 (ND) 2019

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-03169. The case involves an application (IA-1570/ND/2021) filed by Mr. Subhash Kumar Kundra, the…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-03169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/classic-bottle-caps-pvt-ltd-ia-1570-nd-2021-in-company-petition-no-ib-2144-nd-20-6e39f67d

## Summary

### Background

The case involves an application (IA-1570/ND/2021) filed by Mr. Subhash Kumar Kundra, the Resolution Professional of Classic Bottle Caps Pvt. Ltd., under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor, GAC Shipping (India) Pvt. Ltd., had initiated Corporate Insolvency Resolution Process (CIRP) against Classic Bottle Caps Private Limited by filing an application under Section 9 of the IBC, 2016. The application was admitted on 13.02.2020, and Mr. Ratan Chaudhary was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) with The City Union Bank as the sole Financial Creditor. The CoC resolved to replace the IRP and appoint a new Resolution Professional, leading to the appointment of

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## Facts

GAC Shipping (India) Private Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Classic Bottle Caps Pvt. Ltd. by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted by the NCLT on 13.02.2020. Initially, Mr. Ratan Chaudhary was appointed as the Interim Resolution Professional (IRP). The IRP then constituted a Committee of Creditors (CoC), with The City Union Bank as the sole Financial Creditor. The CoC resolved to replace the IRP, and Mr. Subhash Kumar Kundra was appointed as the Resolution Professional (RP). The RP published Form G and received interest from four entities as Prospective Resolution Applicants (PRAs). However, ASC Consulting Pvt. Ltd. and

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## Issues and analysis

### Issue 1: Whether the application (IA-1570/ND/2021) filed by the Resolution Professional under Section 33(1) …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC rejected the resolution plan submitted by Flexi World Logistics Pvt. Ltd. with

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**Interpretation:** Section 33(1) grants the CoC the authority to decide on liquidation when a

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**Application:** The CoC's decision to reject the resolution plan and initiate liquidation

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## Parties

- **Judges:** BACHU VENKAT…; L. N. G…
- **Appellants:** GAC Shipping…
- **Respondents:** Classic Bottle…

## Timeline

- **2019-01-01 — Filing of Application…**: GAC Shipping (India) Pvt. Ltd. filed an application under Section 9 of the IBC, 2016, for…
- **2020-02-13 — Admission of Application…**: The Tribunal admitted the application and appointed Mr. Ratan Chaudhary as the Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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