# In the matter of Shree Sai Oto Tubes Mill Limited

> NCLT judgment dated 2025-01-08. Citation: TCN-2025-NCLT-00654. The case pertains to an application filed under Section 33(3) r.w. 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Jan 2025
- **Citation:** TCN-2025-NCLT-00654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-sai-oto-tubes-mill-limited-d6132f64

## Summary

### Background

The case pertains to an application filed under Section 33(3) r.w. 60(5) of the Insolvency and Bankruptcy Code, 2016 by Mr. Vishnu Kant Kabra (Liquidator/Applicant) seeking liquidation of the Corporate Debtor, Shree Sai OTO Tubes Mill Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a Company Petition filed by the Financial Creditor, Glamour India Pvt. Ltd., which was admitted on 08.04.2022. A moratorium was issued, and Vishnu Kant Kabra was appointed as the Interim Resolution Professional (IRP).

## Facts

The Company Petition No. 289 of 2022 was filed by Glamour India Pvt. Ltd. to initiate CIRP against Shree Sai OTO Tubes Mill Limited. The petition was admitted on 08.04.2022, and a moratorium was issued. Vishnu Kant Kabra was appointed as the IRP. Several CoC meetings were held. Canara Bank's claim was initially under verification but later admitted. The CoC discussed the appointment of a Transactional Auditor and the need for interim finance. The Hon'ble NCLT verbally directed the RP not to pass any resolution regarding interim finance. The CoC decided to extend the CIRP period, but no resolution plan was approved. The CIRP period expired, and the applicant sought liquidation under section 33 of the Code. The applicant placed on record the Valuation Report by way of an

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(3) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Tribunal noted that the CIRP period had expired, and no resolution plan was approved

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**Interpretation:** Section 33(3) is interpreted to mean that if the CIRP fails to produce a

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**Application:** Since the CIRP period expired and no resolution plan was approved, the Tribunal

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Vishnu Kant…
- **Respondents:** Shree Sai OTO…

## Timeline

- **2022-04-08 — Admission of Company…**: The Company Petition filed by Glamour India…
- **2022-04-08 — Moratorium…**: A moratorium was issued against the Corporate Debtor as per the provisions of section 14…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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