# In the matter of Solar Offset Printers Pvt. Ltd. IA (IBC)- 195-KOB-2023 in CP (IBC)-20-KOB-2022

> NCLT judgment dated 2023-05-31. Citation: TCN-2023-NCLT-03116. The application was filed by the Resolution Professional of Solar Offset Printers Pvt. Ltd. for…

- **Court:** NCLT
- **Order date:** 31 May 2023
- **Citation:** TCN-2023-NCLT-03116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/solar-offset-printers-pvt-ltd-ia-ibc-195-kob-2023-in-cp-ibc-20-kob-2022-6daf4510

## Summary

### Background

The application was filed by the Resolution Professional of Solar Offset Printers Pvt. Ltd. for an order of liquidation against the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and admitted by the Adjudicating Authority on 30.06.2022. The CIRP commenced with the appointment of Mr. Francis Mathew as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) later resolved to replace the IRP with Mr. Padmakumar KC. The invitation for Expression of Interest (EOI) was published, and the suspended Director of the Corporate Debtor expressed interest in submitting a Resolution Plan. However, the submitted plan lacked documentary evidence regarding the source

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## Facts

Solar Offset Printers Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 30.06.2022. Mr. Francis Mathew was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Padmakumar K.C. The invitation for Expression of Interest (EOI) was published, and the suspended Director of the Corporate Debtor expressed interest in submitting a Resolution Plan. However, the submitted plan lacked documentary evidence regarding the source of funds. The Committee of Creditors (CoC) granted multiple extensions for the CIRP period. The CoC, with 100% voting, resolved to file an application for the liquidation process due to the lack of a viable

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Solar Offset Printers Pvt. Ltd., …

**Ratio:** The legal principle applied is that if a resolution plan is not viable and the corporate

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**Reasoning:** The court reasoned that despite multiple extensions, the Resolution Plan submitted by the

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**Interpretation:** The interpretation is that the IBC prioritizes resolution but allows for

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** P. Moha…; Ashish…
- **Appellants:** Padmakuma…
- **Respondents:** SOLAR OFFSET…; Kerala State…

## Timeline

- **2022-06-30 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) was admitted by the Adjudicating…
- **2022-08-16 — CoC Meet…**: The CoC in its 2nd meeting passed resolution with 100% voting share to replace the IRP…

## 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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