# 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-00475. The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00475
- **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-9ed69092

## Summary

### Background

The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S Harishankar Paper Products Pvt. Ltd., the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 3 of the IBBI (Liquidation Process) Regulations, 2016, seeking an order for liquidation of the Corporate Debtor and to appoint Mr. Umesh Chandra Sahoo as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2022-04-13. The applicant was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). The CoC, in its 3rd meeting on 2022-06-21, authorized the issuance of an invitation for 'Expression of

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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, initially appointed as the Interim Resolution Professional, issued invitations for 'Expression of Interest' on 2022-06-21, as per the resolution passed by the Committee of Creditors (CoC). Despite republishing the invitation with a shorter duration, no 'Expression of Interest' was received. Consequently, the CoC, in its 8th meeting on 2022-10-06, with a 99.26% majority, approved the liquidation of the Corporate Debtor. The CoC also resolved to appoint Mr. Umesh Chandra Sahoo as the Liquidator. The Resolution Professional then filed an Interlocutory Application seeking an order for liquidation of the Corporate

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## Issues and analysis

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

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, mandates that the Adjudicating

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**Reasoning:** The Adjudicating Authority reasoned that no resolution plans were received despite

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if no resolution plan is

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**Application:** In this case, the Adjudicating Authority applied the ratio of Section 33 to the

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## Parties

- **Judges:** Venkata Ramakrishn…; Satya Ranjan…
- **Respondents:** Harishankar Paper…; Hari Shanker…

## Timeline

- **2022-04-13 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-06-21 — Invitation for…**: Applicant issued the invitation for 'Expression of Interest' as per the resolution passed…

## 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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