# In the matter of South Indian Mint and Aromatic Products Limited

> NCLT judgment dated 2023-05-31. Citation: TCN-2023-NCLT-03114. The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent…

- **Court:** NCLT
- **Order date:** 31 May 2023
- **Citation:** TCN-2023-NCLT-03114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/south-indian-mint-and-aromatic-products-limited-0bb07e85

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation of South Indian Mint and Aromatic Products Limited. The CIRP was initiated on 2018-06-04. Mr. Vasudevan Gopu was initially appointed as the Interim Resolution Professional, followed by the appointment of the applicant as the Resolution Professional on 2018-09-28. As no resolution plan was received during the CIRP, an application was filed under Section 33 of the IBC, 2016, leading to the liquidation of the Corporate Debtor. The Tribunal ordered the liquidation on 2019-04-10 and appointed the applicant as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for South Indian Mint and Aromatic Products Limited was initiated on 2018-06-04. Vasudevan Gopu was appointed as the Interim Resolution Professional, and later the applicant was appointed as the Resolution Professional on 2018-09-28. No resolution plan was received during the CIRP, leading to an application under Section 33 of the IBC, 2016. The Tribunal ordered liquidation on 2019-04-10 and appointed the applicant as Liquidator. Public announcements were made, and claims were received from IDBI Bank (financial creditor) and Gangai Earth Movers (operational creditor). The Liquidator appointed valuers on 2018-10-30, valuing the assets at Rs. 2,48,18,500/-. E-auctions were conducted on 2019-07-17, 2019-09-27, and

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, South Indian Mint and Aromatic Products …

**Ratio:** Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Applicant/Liquidator filed an application seeking directions before the Tribunal for

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**Interpretation:** Regulation 45 provides a clear procedure for closing the liquidation process

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**Application:** Since the Corporate Debtor was sold as a going concern, the Liquidator followed

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** C. Ramasubr…
- **Respondents:** South Indian Mint…
- **Advocates:** S. Sathiyanarayana…

## Timeline

- **2018-06-04 — CIRP Init…**: Corporate Insolvency Resolution Process initiated for South Indian Mint and Aromatic…
- **2018-09-28 — Appointment of…**: Applicant appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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