# In the matter of Shri Diya Projects Private Limited

> NCLT judgment dated 2024-07-31. Citation: TCN-2024-NCLT-00903. The case pertains to an application filed by Shri Amarpal, the Resolution Professional of M/s.…

- **Court:** NCLT
- **Order date:** 31 Jul 2024
- **Citation:** TCN-2024-NCLT-00903
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-diya-projects-private-limited-29837d0f

## Summary

### Background

The case pertains to an application filed by Shri Amarpal, the Resolution Professional of M/s. Shri Diya Projects Private Limited, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shri Diya Projects Private Limited based on an application under Section 7 of the IBC filed by Keshava Gupta and others. The CIRP commenced on 21.04.2022. Despite efforts to find a resolution plan, none were approved, and the Committee of Creditors (CoC) eventually voted for liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shri Diya Projects Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Keshava Gupta and others. The CIRP commenced on 21.04.2022, and Shri Amarpal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and formed a Committee of Creditors (CoC). The applicant appointed 4 registered valuers for land and building and plant & machinery asset class. The applicant filed applications seeking directions to hand over books of accounts and assistance from the police. The applicant issued a final list of prospective resolution applicants. The applicant filed applications bearing I.A No. 411/2022 and

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, are …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides that where the

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**Reasoning:** The Adjudicating Authority observed that no resolution plan had been received within the

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**Interpretation:** Section 33(1) mandates liquidation if no resolution plan is approved within the

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**Application:** Since no resolution plan was received and the CoC approved liquidation, Section

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Amar…
- **Respondents:** M/s. Shri Diya…

## Timeline

- **2020-01-01 — C.P. (IB) No.21…**: The case was registered as…
- **2022-04-21 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against M/s. Shri Diya Projects…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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