# In the matter of Supreme Innovative Building Projects Private Limited

> NCLT judgment dated 2025-05-30. Citation: TCN-2025-NCLT-00034. The Interlocutory Application No. 12/2025 was filed by the Resolution Professional of Supreme…

- **Court:** NCLT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLT-00034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-innovative-building-projects-private-limited-52dfdd86

## Summary

### Background

The Interlocutory Application No. 12/2025 was filed by the Resolution Professional of Supreme Innovative Building Projects Private Limited, seeking liquidation of the Corporate Debtor under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated based on an application by SREI Equipment Finance Limited under Section 7 of the Code. The applicant sought condonation of delay of 8 days in filing the liquidation application. The CIRP period had expired on 02.09.2024, with extensions granted until 08.02.2025. Despite multiple extensions for submission of resolution plans, none were received, leading the CoC to approve liquidation with 100% votes.

## Facts

SREI Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Supreme Innovative Building Projects Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP commenced on 06.03.2024. Anup Kumar Singh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made on 10.03.2024, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 29.03.2024, comprising only SREI Equipment Finance Limited. Multiple extensions were granted to the CIRP period. Despite seven attempts to solicit resolution plans through Form G, no viable resolution plan was received. The CoC, in its seventh meeting on 28.01.2025, resolved to

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1) of the …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code mandates the Adjudicating Authority

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**Reasoning:** The court reasoned that the CoC had already approved the liquidation with 100% voting in

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**Interpretation:** Section 33(1) is interpreted as a mandatory provision that requires the

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**Application:** In this case, the CoC's decision to liquidate, coupled with the absence of a

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Anup Kumar…
- **Respondents:** Supreme Innovative…; SREI Equipment…

## Timeline

- **2024-03-06 — Commencement…**: Corporate Insolvency Resolution Process (CIRP) commenced against Supreme Innovative…
- **2024-03-10 — Public Annou…**: Public announcement was made,…

## 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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