# In the matter of NYS Granites Impex Private Limited

> NCLT judgment dated 2025-05-30. Citation: TCN-2025-NCLT-00036. The case involves an application (I.A No. 04/2024) filed in a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLT-00036
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nys-granites-impex-private-limited-60d084bb

## Summary

### Background

The case involves an application (I.A No. 04/2024) filed in a Corporate Insolvency Resolution Process (CIRP) against NYS Granites Impex Private Limited. The CIRP was initiated following a Company Petition (C.P (IB) No.4/BB/2022) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Ratnakar Shetty was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC), consisting solely of Karnataka State Financial Corporation (KSFC), determined that the Corporate Debtor's revival was unlikely due to ceased operations and significant dues. KSFC initially filed an application for liquidation, which was dismissed due to its ineligibility as a financial creditor. Subsequently, the IRP was authorized to file a fresh application for

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## Facts

NYS Granites Impex Private Limited faced Corporate Insolvency Resolution Process (CIRP) following a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Ratnakar Shetty was appointed as the Interim Resolution Professional (IRP). The company had ceased operations in 2016 and had outstanding dues exceeding Rs. 21.6 crores. The sole member of the Committee of Creditors (CoC), Karnataka State Financial Corporation (KSFC), deemed the company's revival unlikely. KSFC initially filed a liquidation application, which was dismissed due to its ineligibility as a financial creditor. The IRP was then authorized to file a fresh application for liquidation. The CoC decided against exploring the sale of the Corporate Debtor as a going concern and approved the

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, are …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The Tribunal considered the submissions made by the IRP and the decision of the CoC to

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC, consisting of KSFC, decided to liquidate NYS Granites

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Respondents:** NYS Granites…

## Timeline

- **2022-01-01 — C.P (IB) No.4/BB/2022…**: A Company Petition bearing C.P (IB) No.4/BB/2022 was filed under Section 10 of the Code…
- **2023-02-06 — CIRP Admi…**: Corporate Insolvency Resolution Process…

## 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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