# In the matter of Shri Diya Projects Private Limited

> NCLT judgment dated 2024-07-31. Citation: TCN-2024-NCLT-00906. 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-00906
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-diya-projects-private-limited-d079eb12

## 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 was admitted on 21.04.2022, and Shri Amarpal was appointed as the Interim Resolution Professional (IRP). Despite efforts to find a resolution plan, none were approved, and the CIRP period expired. The Adjudicating Authority directed the Committee of Creditors (CoC) to consider liquidation. The CoC approved the

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## Facts

1. An application was filed by Shri Amarpal, the Resolution Professional of M/s. Shri Diya Projects Private Limited, seeking liquidation of the Corporate Debtor under Section 33(1) of the Insolvency and Bankruptcy Code, 2016.
2. The 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, and it was admitted on 21.04.2022.
3. Shri Amarpal was appointed as the Interim Resolution Professional (IRP).
4. The IRP made a public announcement and formed a Committee of Creditors (CoC).
5. The Applicant appointed 4 registered valuers for land, building, plant and machinery asset class.
6. The Applicant filed applications seeking directions to hand over books of accounts and seeking

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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, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority observed that the CIRP period had expired on 24.01.2023, and

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when the CIRP

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**Application:** In this case, the CIRP period expired without an approved resolution plan, and

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## Parties

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

## Timeline

- **2022-04-21 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against M/s. Shri Diya…
- **2022-04-21 — Appointment…**: Shri Amarpal was appointed as the…

## 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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