# In the matter of Gena Pharmaceuticals Limited IA(I.B.C)-108 & 629-KB-2021 in C.P. (IB)-731-KB-2018

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04505. The case involves an application filed by Mr. Anup Kumar Singh, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gena-pharmaceuticals-limited-iaibc-108-629-kb-2021-in-cp-ib-731-kb-2018-e5545a54

## Summary

### Background

The case involves an application filed by Mr. Anup Kumar Singh, the Resolution Professional, seeking liquidation of the Corporate Debtor, Gena Pharmaceuticals Limited. The Committee of Creditors (CoC) rejected the resolution plan received from SREI Multiple Asset Investment Trust Vision India Fund. The Adjudicating Authority had previously initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by Edelweiss Asset Reconstruction Co. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The IRP was appointed as RP in the first meeting of the CoC. Public announcement was made in newspapers, fixing the last date for submitting claims. The applicant received Expressions of Interest (EoI) from prospective

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## Facts

Edelweiss Asset Reconstruction Co. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against Gena Pharmaceuticals Limited. Mr. Anup Kumar Singh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made to invite claims from creditors. The RP received Expressions of Interest (EoI) from prospective resolution applicants, and the deadline for submission was extended multiple times. A resolution plan was eventually received from SREI Multiple Asset Investment Trust Vision India Fund. However, the Committee of Creditors (CoC) rejected the resolution plan with 47.33% votes against it, while

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Gena Pharmaceuticals Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The CoC disapproved the resolution plan with 47.33% votes against it, failing to meet the

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**Interpretation:** Section 33(2) provides a clear directive to the Adjudicating Authority to order

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**Application:** In this case, the CoC's disapproval of the resolution plan with less than the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Anup Kumar…
- **Respondents:** Gena Pharmaceutica…

## Timeline

- **2019-08-09 — Order for CIRP…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2019-09-06 — IRP Appoi…**: Mr. Anup Kumar Singh was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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