# In the matter of Creaative Powertech Private Limited

> NCLT judgment dated 2024-05-16. Citation: TCN-2024-NCLT-01329. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 May 2024
- **Citation:** TCN-2024-NCLT-01329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/creaative-powertech-private-limited-07b02cfb

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Sanjay Shrivastava, the Resolution Professional (RP) of Creaative Powertech Private Limited, seeking a liquidation order. Gujarat Copper Alloys Limited had initiated the Corporate Insolvency Resolution Process (CIRP) against Creaative Powertech Private Limited under Section 9. The tribunal admitted the Corporate Debtor into CIRP on 12.04.2023, appointing Mr. Sanjay Shrivastava as the Interim Resolution Professional (IRP). Form A was issued to invite claims from creditors, and a Committee of Creditors (CoC) was constituted. The CoC approved the appointment of the applicant as the Resolution Professional. Form G was published, inviting Expression of Interest

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## Facts

Gujarat Copper Alloys Limited initiated CIRP against Creaative Powertech Private Limited under Section 9 of IBC. The CIRP was triggered by a default in debt repayment. The NCLT admitted the application on 2023-04-12 and appointed an IRP. The IRP, Sanjay Shrivastava, took control of the Corporate Debtor. Public announcement was made to invite claims from creditors. The CoC was formed and approved the appointment of Sanjay Shrivastava as RP. The RP invited resolution plans, but the CoC rejected the only resolution plan received from Gemini Instratech Limited due to its low value. The CoC then voted for liquidation with a 75.48% majority. Arun Kapoor was appointed as the liquidator. The NCLT approved the liquidation and appointed Arun Kapoor as the liquidator. The

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## Issues and analysis

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

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC, in its commercial wisdom, rejected the resolution plan submitted by Gemini

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** The CoC voted for liquidation with a 75.48% majority, indicating a clear

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Sanjay Shri…
- **Respondents:** Creaative…; Gujarat Copper…
- **Advocates:** Manoj M…

## Timeline

- **2022-01-01 — CP(IB)/1294(MB)/2022…**: Gujarat Copper Alloys Limited filed CP(IB)/1294(MB)/2022 against Creaative Powertech…
- **2023-04-12 — CIRP Admi…**: The tribunal admitted the Corporate Debtor into CIRP and appointed Mr. Sanjay Shrivastava…

## 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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