# In the matter of Shree Ganesh Stampings Private Limited I.A. 1237 of 2021 & I.A. 862 of 2022 in C.P.(IB) No. 3215-MB-2019

> NCLT judgment dated 2022-09-06. Citation: TCN-2022-NCLT-01152. The case involves an application for liquidation of Shree Ganesh Stampings Private Limited, the…

- **Court:** NCLT
- **Order date:** 6 Sept 2022
- **Citation:** TCN-2022-NCLT-01152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ganesh-stampings-private-limited-ia-1237-of-2021-ia-862-of-2022-in-cpib-no-e542cb94

## Summary

### Background

The case involves an application for liquidation of Shree Ganesh Stampings Private Limited, the Corporate Debtor, under Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Ahmednagar Merchant's Co-Operative Bank Limited, the Financial Creditor. The applicant, Mr. Fanendra H. Munot, was appointed as the Interim Resolution Professional (IRP).

## Facts

Ahmednagar Merchant's Co-Operative Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Shree Ganesh Stampings Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 06.12.2019. Mr. Fanendra H. Munot was appointed as the Interim Resolution Professional (IRP). Due to the COVID-19 lockdown, the CIRP period was extended. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor in its 6th meeting held on 12.03.2021, with 100% voting in favor. Mr. Fanendra H. Munot was appointed as the Liquidator. Ahmednagar Merchant's Co-operative Bank Limited filed I.A. 862/2022 seeking a change in the Resolution Professional as Liquidator, which was opposed by the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Shree Ganesh Stampings Private Limited should be …

**Ratio:** The decision of the Committee of Creditors (CoC) to liquidate the Corporate Debtor, based

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

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**Interpretation:** The commercial wisdom of the CoC is given significant weight in insolvency

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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:** KISHORE VEMULAPALL…; Manoj Kumar…
- **Appellants:** Fanendra H…
- **Respondents:** Shree Ganesh…; Ahmednagar…

## Timeline

- **2019-12-06 — Admission of…**: Petition under Section 7 of the Code filed by Ahmednagar Merchant's Co-Operative Bank…
- **2020-02-24 — Publication o…**: Form-G was published for invitation…

## 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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