# In the matter of SHREE BANKEY BEHARI EXPORTS LIMITED

> NCLT judgment dated 2025-05-13. Citation: TCN-2025-NCLT-00078. The case involves an application filed by the Resolution Professional (RP) of Shree Bankey…

- **Court:** NCLT
- **Order date:** 13 May 2025
- **Citation:** TCN-2025-NCLT-00078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-bankey-behari-exports-limited-c2062923

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Shree Bankey Behari Exports Limited, seeking the initiation of liquidation proceedings for the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP took necessary steps, including public announcements and appointment of service providers. Several extensions were sought for the CIRP period. Despite attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shree Bankey Behari Exports Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Rohit Sehgal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted with State Bank of India holding 60.11% of the voting share. The Corporate Debtor's primary asset is land and building located in Sonipat, Haryana. The CoC attempted to liquidate the Corporate Debtor early in the CIRP but later resumed the CIRP process. Three resolution plans were submitted but rejected by the CoC, even though one plan offered a higher value than the liquidation value. The CoC then resolved to liquidate the Corporate Debtor in its 16th meeting. The RP filed an

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the liquidation of the Corporate Debtor based on …

**Ratio:** The commercial wisdom of the CoC is non-justiciable, as held by the Supreme Court in K.

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**Reasoning:** The CoC, with a 100% majority, resolved to liquidate the Corporate Debtor after failing

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**Interpretation:** Section 33(2) of the IBC grants the CoC the power to decide on liquidation at

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**Application:** In this case, the CoC, in its commercial wisdom, decided to liquidate the

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Respondents:** SHREE BANKEY…

## Timeline

- **2024-12-04 — Application…**: Application filed by Mr. Rohit Sehgal, the Resolution Professional, seeking initiation of…
- **2022-12-13 — Admission…**: Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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