# In the matter of Sri Vishnu Annamalaiyar Paper Mills Limited IA-989(Che)-2021 in IBA-760-2019

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04053. The case pertains to IA/989(Che)/2021 in IBA/760/2019, filed under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-vishnu-annamalaiyar-paper-mills-limited-ia-989che-2021-in-iba-760-2019-4809e47a

## Summary

### Background

The case pertains to IA/989(Che)/2021 in IBA/760/2019, filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The initial application, IBA/760/2019, was filed under Section 7 of the I&B Code, 2016, by the Financial Creditor of the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 2019-10-11. An Interim Resolution Professional (IRP), Mr. Nagalingam Muthiah, was appointed. Public announcements were made. A Committee of Creditors (CoC) was formed, and meetings were held to appoint a Resolution Professional (RP). Mrs. J. Karthiga was proposed as the RP and appointed on 2020-01-20. The CoC approved Form-G Eol and Publication inviting expression of Interest. The Corporate Debtor, being an MSME, received a response

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Vishnu Annamalaiyaar Paper Mills Limited based on an application filed by a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-10-11. Mr. Nagalingam Muthiah was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite resolution plans. The Committee of Creditors (CoC) was constituted, and Mrs. J. Karthiga was appointed as the Resolution Professional (RP) on 2020-01-20. Despite efforts to find a resolution plan, including inviting expressions of interest, the CoC did not receive any viable resolution plans. The only response was from the Suspended Directors of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Vishnu Annamalaiyaar Paper …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) unanimously decided to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the CoC, after due deliberation and considering the lack of

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** J. Kart…
- **Respondents:** Vishnu Annamalaiya…

## Timeline

- **2019-10-11 — CIRP Init…**: The Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency…
- **2019-11-15 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement in Tamil daily…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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