# In the matter or Harishankar Paper Products Private Limited I.A. No. 1271-2022 in C.P. (IB) No. 150-7-HDB-2020

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00482. The case pertains to an Interlocutory Application (IA No. 1271/2022) filed in a Corporate…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-matter-or-harishankar-paper-products-private-limited-ia-no-1271-2022-in-c-32ddd344

## Summary

### Background

The case pertains to an Interlocutory Application (IA No. 1271/2022) filed in a Corporate Petition (CP (IB) No. 150/7/HDB/2020) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 3 of the IBBI (Liquidation Process) Regulations, 2016. The application was filed by the Resolution Professional of M/S Harishankar Paper Products Pvt. Ltd. (the Corporate Debtor) seeking an order for liquidation and the appointment of Mr. Umesh Chandra Sahoo as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2022-04-13. The Resolution Professional invited 'Expression of Interest' twice, but no interest was received. The Committee of Creditors (CoC) approved the liquidation with a 99.26%

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Harishankar Paper Products Pvt. Ltd. on 2022-04-13. The Resolution Professional, appointed by the Tribunal and confirmed by the CoC, invited 'Expression of Interest' from prospective resolution applicants on 2022-06-29, but no interest was received. The invitation was republished on 2022-09-24, with a last date of 2022-09-30, but again, no 'Expression of Interest' was received. In its 8th meeting on 2022-10-06, the Committee of Creditors (CoC), with a 99.26% majority, approved the liquidation of the Corporate Debtor, deciding against any further extension of the CIRP. The CoC also resolved to appoint Mr. Umesh Chandra Sahoo as the Liquidator. The Resolution Professional then filed an

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## Issues and analysis

### Issue 1: Whether an order of liquidation of …

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

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**Reasoning:** The court reasoned that the CoC had approved the liquidation of the Corporate Debtor with

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**Interpretation:** Section 33 of the IBC provides the legal framework for initiating liquidation

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**Application:** In this case, the CoC approved the liquidation with a 99.26% majority, and no

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Respondents:** Harishankar Paper…; Hari Shanker…

## Timeline

- **2022-04-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-06-29 — First Invitation for…**: Applicant issued the invitation for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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