# In the matter of Sampurna Suppliers Private Limited

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02195. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sampurna-suppliers-private-limited-1f174a35

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, concerning the Corporate Insolvency Resolution Process (CIRP) of Sampurna Suppliers Private Limited. The CIRP was initiated based on a petition filed by M/S Orbit Towers Private Limited, the Financial Creditor, under Section 7 of the IBC. The applicant, Sudipta Ghosh, was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The RP took steps to revive the Corporate Debtor, including public announcements, collating claims, and conducting Committee of Creditors (CoC) meetings. Despite these efforts, no substantial resolution plan was received, leading the CoC to approve the initiation of liquidation proceedings.

## Facts

M/S Orbit Towers Private Limited initiated CIRP against Sampurna Suppliers Private Limited under Section 7 of IBC. Sudipta Ghosh was appointed as IRP and later continued as RP. Public announcements were made in 'Financial Express' and 'Ekdin'. The RP submitted progress reports to the NCLT. The CoC was formed and held multiple meetings. The RP invited Expressions of Interest (EOI) but received no substantial bids. Two registered valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor's assets. A transaction audit was conducted, revealing transactions under Sections 43 and 66 of the Code. The CIRP period was extended by 90 days. The CoC approved the initiation of liquidation proceedings under Section 33 of the IBC. Sudipta Ghosh

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Sampurna Suppliers Private Limited should be allowed …

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

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**Reasoning:** The Tribunal considered the fact that the CoC had approved the initiation of liquidation

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when

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**Application:** The Tribunal applied Section 33(2) to the facts of the case, noting that the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** M/S Orbit Towers…
- **Respondents:** Sampurna Suppliers…

## Timeline

- **2022-06-27 — Order for Initiation of…**: Tribunal passed orders for initiation of CIRP against Sampurna Suppliers Private Limited…
- **2022-06-27 — Appointment…**: Sudipta Ghosh was appointed as the Interim Resolution Professional (IRP) for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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