# In the matter of Saheli Exports Private Limited

> NCLT judgment dated 2023-07-24. Citation: TCN-2023-NCLT-02368. The case involves an application (IA/IBC/366/CHE/2023) filed under Section 33(1)(a) and Section…

- **Court:** NCLT
- **Order date:** 24 Jul 2023
- **Citation:** TCN-2023-NCLT-02368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saheli-exports-private-limited-6559d78f

## Summary

### Background

The case involves an application (IA/IBC/366/CHE/2023) filed under Section 33(1)(a) and Section 34(1) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional of the Corporate Debtor, M/s. Saheli Exports Private Limited, seeking an order for liquidation of the Corporate Debtor and the appointment of a liquidator. An earlier order dated 21.03.2022 initiated CIRP proceedings. The CoC confirmed the IRP as RP on 22.04.2022. An application under Section 19(2) was filed on 18.04.2022 and withdrawn on 19.01.2023. An extension of 90 days was granted on 19.01.2023, completing on 16.12.2022. The CoC recommended liquidation and the appointment of M/s. SPP Insolvency Professionals, LLP as Liquidator. A memo was filed stating the CIRP admission order was

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## Facts

M/s. Saheli Exports Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an order dated 21.03.2022. Mr. Ramasamy Shanmuggam was appointed as the Resolution Professional (RP). The RP made a public announcement calling for claims. The Committee of Creditors (CoC) was formed, and its composition was modified over time. The CoC confirmed the IRP as RP on 22.04.2022. An application under Section 19(2) was filed and later withdrawn. An extension of 90 days was granted, completing on 16.12.2022. The CoC, in its sixth meeting, recommended liquidation with 100% majority. The CoC also recommended the appointment of M/s. SPP Insolvency Professionals, LLP as Liquidator. The business of the Corporate Debtor was not a going concern, and it was in an

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## Issues and analysis

### Issue 1: Whether the Tribunal should approve the liquidation of the Corporate Debtor, M/s. Saheli Exports …

**Ratio:** The commercial wisdom of the CoC is paramount in matters relating to the approval of a

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**Reasoning:** The Tribunal reasoned that the CIRP period had ended without a resolution plan, and the

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**Interpretation:** This issue involves the interpretation of the powers and responsibilities of

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**Application:** In this specific case, the Tribunal applied the principle of deferring to the

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** M/s. Saheli…; Ramasamy Shanmugga…
- **Advocates:** A.G. Sathyanarayan…; Vikram P.…

## Timeline

- **2021-01-01 — CP(IB)/5/CH…**: Main Company Petition…
- **2022-03-21 — Order for Commencement…**: Tribunal ordered for commencement of CIRP proceedings on the Corporate Debtor M/s. Saheli…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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