# In the matter of Greenworld International Pvt. Ltd. IA 2467,5053,53833,5560-2020 & IA-2813-2021 in (IB)-425(ND)2019

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04421. The case pertains to the insolvency resolution of Green World International Pvt. Ltd. The…

- **Court:** NCLT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLT-04421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greenworld-international-pvt-ltd-ia-24675053538335560-2020-ia-2813-2021-in-ib-42-b6e73d54

## Summary

### Background

The case pertains to the insolvency resolution of Green World International Pvt. Ltd. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor before the expiry of the Insolvency Resolution Process (IRP) period. The application was filed under Section 9 of the IBC, 2016.

## Facts

The Corporate Debtor, Green World International Pvt. Ltd., was undergoing CIRP. The CoC decided to liquidate the Corporate Debtor before the expiry of the CIRP period. The plant of the Corporate Debtor had not been in operation for the last two years. The recovery of metal from the plant was not optimum. The Union Bank of India is the only Financial Creditor. The maximum period prescribed for CIRP, i.e., 180 days, had expired. The CoC approved the appointment of Mr. Sunil Kumar Gupta as the Liquidator with a monthly fee of INR 60,000 and a maximum cap of INR 10.00 Lakhs.

## Issues and analysis

### Issue 1: Whether to approve the CoC's decision to liquidate Green World International Pvt. Ltd. under …

**Ratio:** Section 33 of the IBC, 2016 allows for the liquidation of a corporate debtor if the CoC

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**Reasoning:** The CoC had approved the liquidation of the Corporate Debtor with a 100% vote. The court

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**Interpretation:** Section 33 provides the mechanism for initiating liquidation proceedings when

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**Application:** The court applied Section 33 to the facts of the case, noting the CoC's

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; SHRI. L. N.…
- **Appellants:** M/s. Italimpianti…
- **Respondents:** Green world…; M/s Green World…

## Timeline

- **2020-11-20 — SCC Meet…**: Minutes of the SCC meeting…
- **2020-10-15 — 3rd CoC M…**: In the 3rd Meeting of the CoC held on 15.10.2020, it was decided to liquidate the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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