# In the matter of Cooltech Containers Private Limited I.A. No. 803 of 2022 in C.P. (I.B.) No.599-NCLT-AHM-2019

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05093. The case pertains to an application filed by Mr. Rajubhai Patel, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 11 Jan 2023
- **Citation:** TCN-2023-NCLT-05093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cooltech-containers-private-limited-ia-no-803-of-2022-in-cp-ib-no599-nclt-ahm-20-a164111e

## Summary

### Background

The case pertains to an application filed by Mr. Rajubhai Patel, the Resolution Professional (RP) of Cooltech Containers Private Limited, under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Salem Stainless Steel Suppliers Pvt Ltd, an operational creditor, under Section 9 of the IBC. Initially, Mr. Kedar Ramratan Laddha was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Rajubhai Patel. The RP submitted that a public announcement was made as per regulations. The Committee of Creditors (CoC) was formed, comprising operational creditors. The IRP intimated the suspended directors about the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Cooltech Containers Private Limited based on an application by Salem Stainless Steel Suppliers Pvt Ltd, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Kedar Ramratan Laddha was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Rajubhai Patel. A public announcement was made regarding the CIRP. The Committee of Creditors (CoC) was formed, consisting of operational creditors. The IRP informed the suspended directors of the Corporate Debtor about the CIRP initiation and requested the handover of the charge. The IRP also filed an application under Section 19 of the IBC due to non-cooperation. The CoC meetings were

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Cooltech Containers Private Limited, should be liquidated under …

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

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**Reasoning:** The Adjudicating Authority noted that the CIRP period of 270 days had already been

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if a resolution plan is not

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**Application:** In this case, the CIRP period had expired without a resolution plan. The CoC's

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Rajubhai…
- **Respondents:** Cooltech Container…; Salem Stainless…

## Timeline

- **2020-12-17 — Order admitting…**: The Adjudicating Authority admitted the application filed by M/s. Salem Stainless Steel…
- **2021-07-30 — Public Annou…**: The Applicant submitted that the Public Announcement dated 30.07.2021 in Form- A was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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