# In the matter of Select Galva India Private Limited IA(IBC)-248(CHE)-2023 in IBA-876-2020

> NCLT judgment dated 2023-03-20. Citation: TCN-2023-NCLT-04149. The case pertains to an application filed by Ms. J. Karthiga, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 20 Mar 2023
- **Citation:** TCN-2023-NCLT-04149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/select-galva-india-private-limited-iaibc-248che-2023-in-iba-876-2020-394f1ae9

## Summary

### Background

The case pertains to an application filed by Ms. J. Karthiga, the Interim Resolution Professional (IRP) of Select Galva India Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated vide order dated 12.10.2022, and Ms. J. Karthiga was appointed as the IRP. The Committee of Creditors (CoC), consisting solely of State Bank of India, resolved to liquidate the Corporate Debtor in its 2nd meeting held on 24.01.2023, after being informed that the Corporate Debtor had no tangible or intangible assets and had ceased business four years prior to the CIRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Select Galva India Private Limited, with Ms. J. Karthiga appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC), consisting solely of State Bank of India, was formed. The IRP informed the CoC that the Corporate Debtor had no tangible or intangible assets and had ceased business four years prior to the CIRP. In its 2nd meeting, the CoC resolved to liquidate the Corporate Debtor and recommended the appointment of the IRP as the Liquidator. The Applicant/RP submitted FORM-H as per Regulation 39(4) of the IBBI Regulations and provided written consent in Form AA to act as the Liquidator. However, the Applicant's AFA expired on 20.02.2023. The Adjudicating Authority,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Select Galva India Private …

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

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**Reasoning:** The CoC, consisting of the sole financial creditor State Bank of India, resolved to

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**Interpretation:** Section 33(2) of the IBC grants significant weight to the CoC's decision

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was based on

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## Parties

- **Judges:** Sh. Ashok Kumar…; SAMEER…
- **Appellants:** Ms.J.KAR…
- **Respondents:** SELECT Galva…

## Timeline

- **2022-10-12 — CIRP Init…**: CIRP initiated against Select Galva India…
- **2022-10-12 — Appointment…**: Ms. J. Karthiga appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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