# In the matter of Guntur Multi Packaging Industries Private Limited IA No. 88-2022 in CP (IB) No. 15-9-AMR-2019

> NCLT judgment dated 2022-07-10. Citation: TCN-2022-NCLT-01783. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 10 Jul 2022
- **Citation:** TCN-2022-NCLT-01783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guntur-multi-packaging-industries-private-limited-ia-no-88-2022-in-cp-ib-no-15-9-15bd1b00

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, and Rule 11 of NCLT Rules, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Guntur Multi Packaging Industries Private Limited, and for the appointment of Mr. Siva Sai Hari Bhaskar Neti as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 9 of the IBC. The Interim Resolution Professional (IRP) was appointed and a public announcement was made to invite claims from creditors.

## Facts

The Resolution Professional filed an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of M/s. Guntur Multi Packaging Industries Private Limited. The NCLT, Amaravati, had previously admitted a petition under Section 9 of the IBC, initiating CIRP. An Interim Resolution Professional (IRP), Mr. Siva Sai Hari Bhaskar Neti, was appointed. A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting of a sole financial creditor. The CoC approved the liquidation of the Corporate Debtor with 100% voting. No viable proposal for the revival of the company was received during the CIRP. The applicant prayed to be appointed as Liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Guntur Multi Packaging …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, consisting of the sole financial creditor, approved the liquidation of the

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**Interpretation:** Section 33(1)(a) provides a mechanism for the CoC to decide on the liquidation

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor, coupled

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Siva Sai Hari…
- **Respondents:** Guntur Multi…

## Timeline

- **2021-11-08 — Admission of…**: The NCLT, Amaravati admitted the petition under Section 9 of the Insolvency and…
- **2021-11-15 — Public Annou…**: The Interim Resolution Professional issued a Public Announcement for inviting claims from…

## 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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