# In the matter of Girdharilal Sugar and Allied Industries Limited IA 96 of 2022 In TP 182 of 2019

> NCLT judgment dated 2022-08-05. Citation: TCN-2022-NCLT-01449. The application was filed by Amresh Shukla, the liquidator of M/s Girdharilal Sugar and Allied…

- **Court:** NCLT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLT-01449
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/girdharilal-sugar-and-allied-industries-limited-ia-96-of-2022-in-tp-182-of-2019-8f465706

## Summary

### Background

The application was filed by Amresh Shukla, the liquidator of M/s Girdharilal Sugar and Allied Industries Limited, under sections 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The CIRP was initiated following an application by an operational creditor under section 9, which was admitted on 2021-08-17. Ashish Kanodia was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Amresh Shukla as the Resolution Professional (RP).

## Facts

An application was filed by Amresh Shukla, the liquidator of M/s Girdharilal Sugar and Allied Industries Limited, seeking liquidation of the corporate debtor under sections 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by an operational creditor under section 9, which was admitted on 2021-08-17. Ashish Kanodia was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Amresh Shukla as the Resolution Professional (RP). The CIRP period of 180 days expired on 2022-02-26, and an extended period of 90 days expired on 2022-05-27. During the CIRP, two resolution plans were received but rejected by the Committee of Creditors

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for the liquidation of the corporate …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The Committee of Creditors (CoC) rejected both resolution plans received during the

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**Interpretation:** Section 33 of the IBC provides that if the CoC, after exploring resolution

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**Application:** Given that the CoC rejected all resolution plans and recommended liquidation,

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Amresh S…
- **Respondents:** M/s Girdharilal…; Rajesh Ag…

## Timeline

- **2021-08-17 — Admission of CIRP…**: The application filed by the operational creditor under section 9 for initiating…
- **2022-02-26 — Expiry of Initial CIRP…**: The initial 180-day period of the Corporate…

## 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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