# In the matter of GPR Resources Private Limited IA-IBC-1004-CHE-2022 in IBA-582-2020

> NCLT judgment dated 2022-11-23. Citation: TCN-2022-NCLT-00360. The case involves an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 23 Nov 2022
- **Citation:** TCN-2022-NCLT-00360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gpr-resources-private-limited-ia-ibc-1004-che-2022-in-iba-582-2020-f50a8ded

## Summary

### Background

The case involves an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, GPR Resources Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 2021-11-01. Several CoC meetings were held, and ultimately, the CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The Resolution Professional (RP) filed an application for liquidation as the CIRP could not progress due to non-cooperation from the Corporate Debtor's management and unavailability of records.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for GPR Resources Private Limited commenced on 2021-11-01. Ms. Seetha Thelagar was appointed as the IRP. The Committee of Creditors (CoC) included State Bank of India (93.87% voting share), Hinduja Leyland Finance Limited (5.15%), and Deutsche Bank AG (0.98%). Several CoC meetings were held. The RP was replaced by J.Karthiga. The RP informed the CoC that she could not ascertain possession of any asset of any kind with the Corporate Debtor and the CIRP of the Corporate Debtor has not progressed as per the scheme of the Code. The CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The extended period of CIRP expired on 2022-08-29. The RP filed an application under Section 33 of the Code for

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, GPR …

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

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**Reasoning:** The CoC, with a 93.87% voting majority, resolved to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC, by a

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**Application:** In this case, the CoC's decision, supported by a substantial majority, coupled

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** J. Kart…
- **Respondents:** GPR Resources…

## Timeline

- **2021-11-01 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for GPR Resources Private…
- **2021-11-01 — Appointment…**: Ms. Seetha Thelagar was…

## 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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