# In the matter of S.K.S Textiles Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00074. The case pertains to an Interlocutory Application filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sks-textiles-ltd-95fb6a5f

## Summary

### Background

The case pertains to an Interlocutory Application filed by the Resolution Professional, Mr. Anurag Jain, under Section 33(2) r/w Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, for initiating the Liquidation Process against S K S Textiles Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated vide order dated 28.09.2022 upon admission of a Company Petition filed by DBS Bank India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor. Public announcement was made on 01.10.2022, calling upon the creditors to file their claims by 12.10.2022. The first

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## Facts

DBS Bank India Limited initiated Corporate Insolvency Resolution Process (CIRP) against S K S Textiles Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 28.09.2022. Mr. Anurag Jain was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 01.10.2022, inviting claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on 28.10.2022, where the IRP was confirmed as the Resolution Professional. The CoC also approved the appointment of registered valuers and a transaction auditor. An invitation for Expression of Interest (EoI) was issued on 19.11.2022. The 2nd CoC meeting was held on 21.12.2022, where additional claims were discussed. The 4th

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application for liquidation of the Corporate Debtor should be allowed …

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

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**Reasoning:** The Adjudicating Authority noted that no Resolution Plan was brought forth and voted for,

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**Interpretation:** Section 33 mandates liquidation when no resolution plan is approved or received

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**Application:** Since the CoC rejected the Resolution Plan and no other plan was available,

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## Parties

- **Judges:** SANJIV…; KISHORE VEMULAPALL…
- **Appellants:** DBS Bank India…
- **Respondents:** S K S Textiles…; S.K.S Texti…

## Timeline

- **2022-09-28 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-10-01 — Public Annou…**: Public announcement made,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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