# 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-01656. 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-01656
- **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-f9ee626e

## 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 & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed and later reconstituted. Despite efforts to find a resolution plan, the secured financial creditor, Karnataka Bank, holding a majority voting share, opined that resolution was difficult and recommended liquidation. The other financial creditor, Basanthlal Sah, neither attended the CoC meeting nor cast a vote.

## Facts

SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 10 of the IBC was admitted on 2021-10-01. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was initially comprised 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's was 44.13%. The IRP published Form-G to invite resolution plans, but no response was received. Karnataka Bank opined that revival was difficult due to the Corporate Debtor's lack of assets and suggested liquidation in the 5th CoC meeting held on 2022-02-25. Basanthlal Sah did not attend the 5th CoC meeting. Karnataka Bank, the sole

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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 is derived from the interpretation of Section 33(2) of the IBC, which requires

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**Reasoning:** The NCLT reasoned that since the other member of the CoC was unwilling to attend

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**Interpretation:** The interpretation of Section 33(2) focuses on whether the required 66% voting

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**Application:** The NCLT applied the ratio and reasoning to the specific facts of the case,

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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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