# In the matter of Greater Arafat Tanners Pvt. Ltd.

> NCLT judgment dated 2024-04-01. Citation: TCN-2024-NCLT-01896. The case involves an application (IA No.188/2022) filed under Section 33(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 1 Apr 2024
- **Citation:** TCN-2024-NCLT-01896
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greater-arafat-tanners-pvt-ltd-bb0ad561

## Summary

### Background

The case involves an application (IA No.188/2022) filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) to initiate the liquidation process for Greater Arafat Tanners Private Limited after the completion of the mandatory 180-day period for the Corporate Insolvency Resolution Process (CIRP). Notice was issued to the ex-management, who did not file a reply. The Resolution Professional (RP) made efforts to invite Expression of Interest (EOI) by publishing Form G, but no response was received. The Committee of Creditors (COC) considered the matter in its third meeting and resolved to liquidate the corporate debtor due to the absence of any possibility of revival, as the company had no plant and machinery and had vacated the leased premises due to pollution

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## Facts

Greater Arafat Tanners Private Limited underwent CIRP under Section 9 of the IBC. The initial CIRP period of 180 days was due to expire on June 19, 2022. The RP invited Expression of Interest (EOI) by publishing Form G, but no response was received. The corporate debtor had no plant and machinery, having disposed of them as scrap, and was totally un-operational and vacated the leased premises in 2019 due to UP Pollution Control Board (UPPCB)'s order No. 2248/130/18 dated December 28, 2018, for closure of leather processing work due to tannery-related overflow into the river Ganges. The COC, in its third meeting held on May 25, 2022, resolved to liquidate the corporate debtor. The resolution for liquidation was approved by 100% voting. IA No.188/2022 was filed under

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## Issues and analysis

### Issue 1: Whether the application for initiating the liquidation process under Section 33(2) of the IBC …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass an order for

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**Reasoning:** The court reasoned that no resolution plan was received despite efforts by the RP, and

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when CIRP fails to

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**Application:** Given the facts that no resolution plan was received and the COC had resolved

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** PRAVEEN…
- **Respondents:** GREATER ARAFAT…; Sh. Shada…

## Timeline

- **2018-12-28 — UPPCB Or…**: UP Pollution Control Board (UPPCB) issued order No. 2248/130/18 for closure of the…
- **2019-01-01 — Vacation of P…**: The corporate debtor…

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