# In the matter of Salasar Enterprises Private Limited IA 971 of 2021 in CP (IB) 1427-MB-C-II-2019

> NCLT judgment dated 2022-07-29. Citation: TCN-2022-NCLT-01522. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Jul 2022
- **Citation:** TCN-2022-NCLT-01522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/salasar-enterprises-private-limited-ia-971-of-2021-in-cp-ib-1427-mb-c-ii-2019-d34042a2

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by Ms. Nishi Jain, the Resolution Professional (RP) of Salasar Enterprises Private Limited, seeking a Liquidation Order and her appointment as the liquidator. This application was based on a resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on March 15, 2021, with the requisite majority. The Corporate Insolvency Resolution Process (CIRP) was initiated against Salasar Enterprises Private Limited following an order by the Adjudicating Authority on October 15, 2020, based on a petition filed by Hirfal Interiors, an Operational Creditor, under Section 9 of the Code. Ms. Nishi Jain was appointed as the Interim Resolution Professional (IRP)

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## Facts

Hirfal Interiors, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Salasar Enterprises Private Limited. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Salasar Enterprises Private Limited on October 15, 2020, and appointed Ms. Nishi Jain as the Interim Resolution Professional (IRP). During the CIRP, five meetings of the Committee of Creditors (CoC) were held. A public announcement in Form A was published on October 17, 2020. In the 2nd CoC meeting, Registered Valuers, Mr. Bhavesh Rathod and Ms. Neelam Modi, were appointed. An Expression of Interest (EoI) was issued on December 23, 2020, but no responses were received for the Information Memorandum and Letter of

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## Issues and analysis

### Issue 1: Whether the application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The Adjudicating Authority considered the application and the averments made, noting that

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**Interpretation:** Section 33(2) provides a mechanism for the CoC to decide on the liquidation of

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**Application:** The CoC, with a 100% voting share, resolved to liquidate Salasar Enterprises

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Nishi…
- **Respondents:** Salasar Enterprise…

## Timeline

- **2020-10-15 — CIRP Init…**: Adjudicating Authority directed initiation of CIRP against Salasar Enterprises Private…
- **2020-10-17 — Public Annou…**: Public announcement in Form A was published in Financial Express (English) and Navkaal…

## 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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