# In the matter of SSB Retail India Pvt. Ltd. IA 446/2022 in CP(IB) No.291/10/HB/2020

> NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-01655. The application was filed under Section 33(1)(a) & 34(1) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-01655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ssb-retail-india-pvt-ltd-ia-4462022-in-cpib-no29110hb2020-dea8148f

## Summary

### Background

The application was filed under Section 33(1)(a) & 34(1) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11, 13 & 32 of NCLT Rules, 2016, by the Resolution Professional seeking an order of liquidation for the Corporate Applicant, SSB Retail India Private Limited. The Company Petition CP (IB) No. 291/10/HDB/2020 filed under Section 10 of IBC by the Corporate Applicant was admitted on 01.10.2021. The Applicant was appointed as Interim Resolution Professional, and a public announcement was made on 06.10.2021, inviting claims from creditors by 15.10.2021. The Committee of Creditors (CoC) was reconstituted, and in the 5th CoC meeting held on 25.02.2021, Karnataka Bank, holding 55.87% voting share, opined that resolution was difficult and recommended liquidation.

## Facts

SSB Retail India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 01.10.2021. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was initially comprised of Karnataka Bank Limited with 100% voting rights and was later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, and Basanthlal Sah's was 44.13%. The Interim Resolution Professional (IRP) published Form-G for placing a resolution plan, but it did not evoke any response. Karnataka Bank opined that the revival of the Corporate Applicant was difficult

…

## Issues and analysis

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

**Ratio:** Section 33(2) of the IBC requires a decision of the committee of creditors seeking

…

**Reasoning:** The court reasoned that the other Financial Creditor, Basanthlal Sah, neither attended

…

**Interpretation:** The court interpreted Section 33(2) of the IBC in light of the ruling in Tata

…

**Application:** In this case, Karnataka Bank, the lone member present with 55.87% voting

…

## Parties

- **Judges:** N. Venkata…; Veera Brahma Rao…
- **Appellants:** Pavan Ka…
- **Respondents:** SSB Retail India…; Karnataka Bank…

## Timeline

- **2020-01-01 — CP (IB) NO. 291/10/HDB/2…**: Company Petition filed under Section 10 of…
- **2021-10-01 — Admission of Company…**: The Company Petition CP (IB) No. 291/10/HDB/2020 was admitted by the Adjudicating…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ssb-retail-india-pvt-ltd-ia-4462022-in-cpib-no29110hb2020-dea8148f