# In the matter of Supra Petro Chemicals Private Limited IA(IBC)-22-2023 in CP (IB) No. 44-9-AMR-2022

> NCLT judgment dated 2023-01-18. Citation: TCN-2023-NCLT-05012. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 18 Jan 2023
- **Citation:** TCN-2023-NCLT-05012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supra-petro-chemicals-private-limited-iaibc-22-2023-in-cp-ib-no-44-9-amr-2022-654725b1

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Supra Petro Chemicals Private Limited. The NCLT, Amaravati Bench, had previously admitted a company petition under Section 9 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) for Supra Petro Chemicals Private Limited and appointed Mr. Nethi Mallikarjuna Setty as the Interim Resolution Professional (IRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Supra Petro Chemicals Private Limited after the admission of a company petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) by the NCLT, Amaravati Bench, on 2022-09-29. Mr. Nethi Mallikarjuna Setty was appointed as the Interim Resolution Professional (IRP). A public announcement was issued on 2022-10-01, inviting claims from creditors, with a deadline of 2022-10-15. Only one claim was received from the Operational Creditor, RJN Commodities Private Limited, amounting to Rs. 1,00,00,000/-. The Committee of Creditors (CoC) was constituted with RJN Commodities Private Limited as the sole member, holding 100% voting rights. The CoC met on 2022-10-25 and appointed the Applicant as the

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The NCLT considered the facts presented in the application, including the CoC's decision

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

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**Application:** In this case, the CoC, consisting of the sole Operational Creditor, RJN

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** RJN Commodities…
- **Respondents:** Supra Petro…

## Timeline

- **2022-09-29 — Admission of Company…**: The NCLT, Amaravati Bench, admitted the Company Petition under Section 9 of the IBC,…
- **2022-10-01 — Public Annou…**: The Applicant issued a Public Announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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