# In the matter of Sun Acrylics Pvt.  Ltd. I.A. No. 516 & 843-2021 in C.P. No. 3344-IB-2018

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03470. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sun-acrylics-pvt-ltd-ia-no-516-843-2021-in-cp-no-3344-ib-2018-aaf450b6

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Sun Acrylics Pvt. Ltd., under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 19.11.2019, following a petition filed by the Operational Creditor under Section 9 of the Code. Mr. Vijay P. Lulla was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An advertisement inviting Expression of Interest (EoI) was published on 27.11.2019, but the applicant received claims from various creditors. The RP also appointed two registered valuers as required under Regulation 27 of the IBBI

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sun Acrylics Pvt. Ltd. on 19.11.2019, following a petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Vijay P. Lulla was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An advertisement inviting Expression of Interest (EoI) was published on 27.11.2019. The RP appointed two registered valuers as required under Regulation 27 of the IBBI (IRP for Corporate Persons) Regulations, 2016. The 5th CoC meeting held on 17.10.2020, the RP informed that he has received from the erstwhile management regarding their intention to opt for one time settlement (OTS) or submission of Resolution Plan. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Sun Acrylics Pvt. Ltd., should be …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that despite efforts to find a resolution plan, including inviting

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**Interpretation:** Section 33(1) is interpreted to mean that if a resolution plan cannot be

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**Application:** In this case, the absence of a resolution plan, coupled with the CoC's approval

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Vijay P.…
- **Respondents:** Sun Acrylics Pvt.…; Sureways Shipping…

## Timeline

- **2019-11-19 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2019-11-27 — Advertisement…**: An advertisement inviting Expression…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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