# 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-01517. 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-01517
- **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-ee55cfa4

## 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 liquidator. The 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 Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against Salasar Enterprises Private Limited based on a petition filed by Hirfal Interiors, an Operational Creditor, under Section 9 of the Code, and appointed Ms. Nishi Jain as the Interim Resolution Professional (IRP).

## Facts

Hirfal Interiors, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Salasar Enterprises Private Limited. Ms. Nishi Jain was appointed as the Interim Resolution Professional (IRP). During the CIRP, five meetings of the Committee of Creditors (CoC) were held. An Expression of Interest (EoI) was issued to invite prospective Resolution Applicants, but no responses were received for the Information Memorandum and Letter of Undertaking. Consequently, the CoC, with 100% voting share, passed a resolution on March 15, 2021, to liquidate the Corporate Debtor and appoint Ms. Nishi Jain as the liquidator. The Adjudicating Authority, after

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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 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the CoC with 100% voting

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**Interpretation:** Section 33 provides a mechanism for liquidation when resolution efforts fail.

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**Application:** In this case, the CoC's resolution and the lack of a resolution plan justified

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## Parties

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

## Timeline

- **2020-10-15 — Adjudicating Authority…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **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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