# In the matter of Sunshine Hi-Tech Infracon Limited

> NCLT judgment dated 2023-08-30. Citation: TCN-2023-NCLT-01848. The application IA/746(AHM)2022 was filed in CP(IB) No. 35 of 2020 under Section 33(1) of the…

- **Court:** NCLT
- **Order date:** 30 Aug 2023
- **Citation:** TCN-2023-NCLT-01848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunshine-hi-tech-infracon-limited-a160e40c

## Summary

### Background

The application IA/746(AHM)2022 was filed in CP(IB) No. 35 of 2020 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Sunshine Hi-Tech Infracon Limited, seeking initiation of the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated on 05.10.2021, and the applicant was appointed as the Interim Resolution Professional (IRP). The IRP formed the Committee of Creditors (CoC), and Ms. Indira Suresh Vora was appointed as the Authorised Representative (AR). The CoC decided to initiate the liquidation process as no resolution plan was received within the stipulated time, even after re-publication of Form-G.

## Facts

The Resolution Professional (RP) of Sunshine Hi-Tech Infracon Limited filed an application seeking the initiation of liquidation proceedings under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier, and the applicant was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, and an Authorised Representative (AR) was appointed. Despite the issuance and re-publication of Form-G, no resolution plan was received from any Prospective Resolution Applicants (PRAs). The CoC, in its meeting, decided to initiate the liquidation process with a 100% majority. Certain properties belonging to the Corporate Debtor are under attachment with DM Mandsaur and

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The CoC, with a 100% majority, passed a resolution recommending the liquidation of the

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

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**Application:** Since the CoC has decided to liquidate the Corporate Debtor, and no resolution

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Devvart Rana RP…
- **Respondents:** Sunshine Hi-Tech…

## Timeline

- **2021-10-05 — CIRP Init…**: Corporate Insolvency Resolution…
- **2021-10-10 — Public Announcement by…**: The Interim Resolution Professional…

## 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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