# In the matter of Enrich Shreya Marine Infrastructure Pvt. Ltd.

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02381. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/enrich-shreya-marine-infrastructure-pvt-ltd-9de7446c

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Hajari Lal Saini, the Resolution Professional (RP) of Enrich Shreya Marine Infrastructure Pvt. Ltd. (the Corporate Debtor). The RP sought a liquidation order based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Hajari Lal Saini was appointed as the Interim Resolution Professional (IRP). Public announcements were made inviting claims from creditors. The CoC was formed, and meetings were held to discuss the future of the Corporate Debtor.

## Facts

Mr. Hajari Lal Saini, the Resolution Professional (RP) of Enrich Shreya Marine Infrastructure Pvt. Ltd., filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order. The Corporate Insolvency Resolution Process (CIRP) had been initiated, and Mr. Saini was appointed as the Interim Resolution Professional (IRP). The CIRP was initiated because Enrich Shreya Marine Infrastructure Pvt. Ltd. was unable to pay its debts. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting of two Financial Creditors. The first CoC meeting was convened on 03.04.2021. The representatives of Punjab National Bank, holding over 90% share of the CoC, informed the Applicant that

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## Issues and analysis

### Issue 1: Whether the application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The CoC, with a majority vote, resolved to liquidate the Corporate Debtor due to the lack

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

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**Application:** The CoC's resolution to liquidate the Corporate Debtor, based on the lack of

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Hajari Lal…
- **Respondents:** Enrich Shreya…; Moli Merchant…

## Timeline

- **2021-02-18 — CP(IB) Adm…**: CP No. (IB)-815 (MB)/2020 was…
- **2021-02-18 — Net Asset…**: Net assets value of the…

## 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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