# In the matter of Supreme Coated Board Mills Private Limited IA(IBC)-958, 1167(CHE)-2020 & IA(IBC)-307 & 1255 (CHE)-2021 in CP(IB)-1021(CHE)-2018

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04738. The case involves multiple applications (IA(IBC)/1167(CHE)/2020, IA(IBC)/307(CHE)/2021,…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-coated-board-mills-private-limited-iaibc-958-1167che-2020-iaibc-307-1255-af3f3feb

## Summary

### Background

The case involves multiple applications (IA(IBC)/1167(CHE)/2020, IA(IBC)/307(CHE)/2021, IA(IBC)/958(CHE)/2020, and IA(IBC)/1255(CHE)/2021) filed in relation to the Corporate Insolvency Resolution Process (CIRP) of M/s. Supreme Coated Board Mills Private Limited, initiated under CP(IB)/1021(CHE)/2018. The primary application, IA(IBC)/1167(CHE)/2020, was filed by the Resolution Professional (RP) seeking an order for the liquidation of the Corporate Debtor, as no resolution plan was received within the stipulated CIRP period. Other applications pertain to the removal of related parties from the Committee of Creditors (CoC), challenging the resolution for liquidation, and addressing tax arrears.

## Facts

M/s. Supreme Coated Board Mills Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under CP/1021/IB/2018, with Rajalakshmi Vardarajan appointed as the Interim Resolution Professional (IRP). Public announcement of the CIRP initiation was made on 05.10.2019 and 14.10.2019. The 8th Committee of Creditors (CoC) meeting on 02.06.2020, with 91.80% majority, resolved to recommend liquidation. The 330-day CIRP period ended on 25.08.2020, with no resolution plan received. The RP filed IA(IBC)/1167(CHE)/2020 seeking liquidation. City Union Bank Limited filed IA(IBC)/307(CHE)/2021 seeking removal of related parties from the CoC. An Operational Creditor filed IA(IBC)/958(CHE)/2020 challenging the liquidation resolution. The Assistant Commissioner (ST)(FAC)

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Supreme Coated Board Mills Private Limited, should be ordered …

**Ratio:** Section 33 of the IBC, 2016, mandates the Adjudicating Authority to pass an order for

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**Reasoning:** The court reasoned that the CIRP period of 330 days had expired, and no resolution plan

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if no resolution plan

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**Application:** The court applied the ratio to the facts of the case, noting that the CIRP

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Appellants:** Rajalakshmi…
- **Respondents:** M/S. SUPREME…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP commenced under…
- **2019-09-30 — CIRP Commencem…**: Order dated 30.09.2019 in CP/1021/IB/2018…

## Legal provisions

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

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