# In the matter of Gajanan Gangamai Industries LLP I.A. 1266 of 2022 in CP (IB) No. 855 of 2020

> NCLT judgment dated 2022-10-11. Citation: TCN-2022-NCLT-00781. The application was filed by Kamal Kishor Gurnani, the Resolution Professional, seeking…

- **Court:** NCLT
- **Order date:** 11 Oct 2022
- **Citation:** TCN-2022-NCLT-00781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gajanan-gangamai-industries-llp-ia-1266-of-2022-in-cp-ib-no-855-of-2020-0fb01b34

## Summary

### Background

The application was filed by Kamal Kishor Gurnani, the Resolution Professional, seeking liquidation of Gajanan Gangamai Industries LLP, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by Bank of India, the Financial Creditor, under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

Kamal Kishor Gurnani, the Resolution Professional, filed an application seeking the liquidation of Gajanan Gangamai Industries LLP (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated against the Corporate Debtor after Bank of India (Financial Creditor) filed a petition under Section 7 of the Code, which was admitted on 22.09.2021. Kamal Kishor Gurnani was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. Several CoC meetings were held to discuss the resolution process. Despite extensions, no resolution plan was received. The CoC voted in favor of liquidation, and the RP informed the CoC that the CIRP period had expired. The CoC unanimously

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Gajanan Gangamai Industries LLP, should be liquidated under Section …

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

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**Reasoning:** The court reasoned that since no resolution plan was received despite multiple extensions

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** The court applied Section 33(1) to the facts of the case, noting that no

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Kamal Kishor…
- **Respondents:** Gajanan Gangamai…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2021-09-22 — Petition Ad…**: Tribunal admitted the petition…

## 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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