# In the matter of Lindsay International Private Limited IA(IBC)-1121(KB)2022 in CP(IB)-56(KB)2020

> NCLT judgment dated 2023-06-27. Citation: TCN-2023-NCLT-02782. The case involves an application (IA(IBC)/1121(KB)2022) filed under Section 33 of the…

- **Court:** NCLT
- **Order date:** 27 Jun 2023
- **Citation:** TCN-2023-NCLT-02782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lindsay-international-private-limited-iaibc-1121kb2022-in-cpib-56kb2020-71c73b7b

## Summary

### Background

The case involves an application (IA(IBC)/1121(KB)2022) filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Lindsay International Private Limited, the Corporate Debtor, seeking liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lindsay International Private Limited based on a petition filed by Gates India Private Limited, the Operational Creditor, under Section 9 of the IBC. Mr. Milan Sachindra Nath Chatterjee was appointed as the Interim Resolution Professional (IRP) and later as the RP. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed with M/s. Aurangabad Metal Products Private Limited as the sole member.

## Facts

Gates India Private Limited, an Operational Creditor, initiated CIRP against Lindsay International Private Limited (Corporate Debtor) under Section 9 of the IBC. Mr. Milan Sachindra Nath Chatterjee was appointed as the IRP and later as the RP. The CoC, consisting of a sole member (M/s. Aurangabad Metal Products Private Limited), decided to liquidate the Corporate Debtor directly due to a lack of substantial assets. The CoC believed that pursuing a resolution plan would be a waste of resources. The 180-day CIRP period expired on 2022-12-25 without any resolution plan. The RP filed an application (IA(IBC)/1121(KB)2022) seeking liquidation under Section 33 of the IBC. The RP stated he had given his consent to act as Liquidator but did not annex the consent letter to the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Lindsay International Private …

**Ratio:** Section 33(1)(a) of the IBC mandates the Adjudicating Authority to pass an order of

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**Reasoning:** The Adjudicating Authority reasoned that the CIRP period had expired without a resolution

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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 CIRP period had expired without a resolution plan, and the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Lindsay Internatio…

## Timeline

- **2022-06-29 — Order for Initiation of…**: The Adjudicating Authority ordered the initiation of CIRP against Lindsay International…
- **2022-07-01 — Public Annou…**: Public announcements were made in 'Financial Express' and 'Aajkal' inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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