# In the matter of Greendiamz Biotech Ltd. IA No.878 of 2020 in CP (IB) 17 of 2019

> NCLT judgment dated 2022-06-28. Citation: TCN-2022-NCLT-02006. The case pertains to an application filed by the Resolution Professional (RP) of Greendiamz…

- **Court:** NCLT
- **Order date:** 28 Jun 2022
- **Citation:** TCN-2022-NCLT-02006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greendiamz-biotech-ltd-ia-no878-of-2020-in-cp-ib-17-of-2019-00c459ba

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Greendiamz Biotech Ltd. under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. An earlier application filed by the Financial Creditor, Union Bank of India, under Section 7 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) was admitted by the Adjudicating Authority on 27.05.2020. Following the admission, an Interim Resolution Professional (IRP) was appointed, who was later re-appointed as the Resolution Professional (RP) to complete the CIRP. A public announcement was made to invite claims from creditors, and the IRP received claims from the Financial Creditor and three Operational

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## Facts

The Resolution Professional (RP) of Greendiamz Biotech Ltd. filed an application for liquidation under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. Union Bank of India, the Financial Creditor, had previously filed an application under Section 7 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP), which was admitted on 27.05.2020. Chandra Prakash Jain was appointed as the Interim Resolution Professional (IRP) and later re-appointed as the RP. A public announcement was made to invite claims from creditors. The IRP received claims from Union Bank of India and three Operational Creditors. The Committee of Creditors (CoC) consisted solely of Union Bank of India. Two resolution plans were submitted by Mr.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Greendiamz Biotech Ltd., under …

**Ratio:** The legal principle applied is that if the Committee of Creditors (CoC) does not approve

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**Reasoning:** The court reasoned that the CoC, consisting solely of Union Bank of India, did not

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**Interpretation:** The interpretation is that when the CIRP fails to produce a viable resolution

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**Application:** In this case, the CoC did not approve any of the resolution plans and resolved

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Chandra Prakash…
- **Respondents:** Greendiamz…
- **Advocates:** Mr Arjun…; Ms.Nalini…

## Timeline

- **2020-05-27 — Admission of CIRP…**: The Adjudicating Authority admitted the application filed by Union Bank of India under…
- **2020-06-03 — Public Annou…**: The IRP published a public announcement in Business Standard Newspaper (English) and…

## 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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