# In the matter of SSB Retail India Private Limited IA 446-2022 in CP (IB) NO. 291-10-HDB-2020

> NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-01658. The case involves an application for liquidation of SSB Retail India Private Limited under…

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-01658
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ssb-retail-india-private-limited-ia-446-2022-in-cp-ib-no-291-10-hdb-2020-3e352a95

## Summary

### Background

The case involves an application for liquidation of SSB Retail India Private Limited under Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. The Committee of Creditors (CoC) was formed and later reconstituted. The Interim Resolution Professional (IRP) published Form-G to invite resolution plans, but no response was received. The primary financial creditor, Karnataka Bank, holding 55.87% of the voting share, recommended liquidation due to the difficulty in reviving the Corporate Applicant and the absence of assets.

## Facts

SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after its application under Section 10 of the IBC was admitted on 2021-10-01. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was initially composed of Karnataka Bank Limited with 100% voting rights, later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, while Basanthlal Sah held 44.13%. Despite efforts to solicit resolution plans through Form-G, no viable proposals emerged. Karnataka Bank recommended liquidation due to the company's lack of assets and the difficulty in revival. In the 5th CoC meeting on 2022-02-25, only Karnataka Bank was present and voted for liquidation. Basanthlal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can order liquidation of the Corporate Debtor in terms of …

**Ratio:** The ratio decidendi is derived from the NCLAT's ruling in Tata Steel Limited v. Liberty

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**Reasoning:** The Adjudicating Authority reasoned that since the other financial creditor (Basanthlal

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**Interpretation:** Section 33(2) of the IBC requires a minimum of 66% voting share for

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**Application:** In this specific case, the Adjudicating Authority applied the ratio from the

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## Parties

- **Judges:** DR.VENKATA…; SH. VEERA BRAHMA…
- **Respondents:** SSB Retail India…; Karnataka Bank…

## Timeline

- **2021-10-01 — Admission of Company…**: Company Petition CP (IB) No. 291/10/HDB/2020 filed under Section 10 of the IBC by SSB…
- **2021-10-06 — Public Annou…**: Public announcement was made in leading…

## 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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