# In the matter of Shaan Technologies India Private Limited IA(IBC)-480)CHE)-2022 in IBA-241-2019

> NCLT judgment dated 2022-06-29. Citation: TCN-2022-NCLT-01998. The case involves an application filed by the Resolution Professional (RP) of Shaan…

- **Court:** NCLT
- **Order date:** 29 Jun 2022
- **Citation:** TCN-2022-NCLT-01998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shaan-technologies-india-private-limited-iaibc-480che-2022-in-iba-241-2019-6af1ed8e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Shaan Technologies India Private Limited under Section 60(5) read with Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shaan Technologies India Private Limited on 23.12.2020. The RP alleges non-cooperation from the suspended management of the Corporate Debtor in providing necessary documents and information. An earlier application (IA/483/2021) was filed against the suspended directors for non-cooperation, and despite a Tribunal order, the documents were not handed over. The suspended management finalized financial statements without the RP's knowledge. The Committee of Creditors (COC), consisting of a

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## Facts

Shaan Technologies India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 23.12.2020. CA U V Sujatha was appointed as the Resolution Professional (RP). The suspended management of Shaan Technologies India Private Limited did not cooperate by providing necessary documents, despite repeated requests and a Tribunal order (IA/483/2021). The suspended management finalized financial statements for FY 2019-2020 without the RP's knowledge. The Committee of Creditors (COC), comprising a sole operational creditor, initially did not replace the Interim Resolution Professional (IRP) or confirm the RP's appointment. The COC later confirmed the RP's appointment but did not confirm the remuneration. The operational creditor expressed inability to

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Shaan Technologies India Private Limited, should be ordered for …

**Ratio:** Section 33(1)(a) of the IBC, 2016 mandates liquidation if the CIRP is unsuccessful and no

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**Reasoning:** The Tribunal noted that the 330-day CIRP period had expired on 18.11.2021, and no

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if the CIRP fails,

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**Application:** Given the failure of the CIRP, the non-cooperation of the management, and the

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## Parties

- **Judges:** (Retd.) S.…; SAMEER…
- **Appellants:** CA U V Su…
- **Respondents:** Shaan Technologies…; The Committee of…

## Timeline

- **2020-12-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Shaan Technologies India…
- **2020-12-27 — Public Annou…**: Public announcement made in English Daily "The New Indian Express" and in Tamil Daily…

## 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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