# In the matter of Supreme Overseas Exports India Private Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01604. The case involves an application filed by the Resolution Professional (RP) of Supreme Overseas…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-overseas-exports-india-private-limited-28210d8c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Supreme Overseas Exports India Private Limited, seeking an order for liquidation of the Corporate Debtor (CD) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India under Section 7 of the Code. The RP was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the RP. The Committee of Creditors (CoC) rejected a resolution plan submitted by a prospective resolution applicant and recommended liquidation of the CD.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Supreme Overseas Exports India Private Limited by filing CP (IB) 89/BB/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2022-06-10, and Mr. Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 2022-06-13 to invite claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on 2022-07-01, where the IRP was proposed as the Resolution Professional (RP). The RP prepared an Information Memorandum. The CoC approved the invitation of Expression of Interest for resolution plans. A resolution plan was received from Shri Siva Chaitanya Saikam on 2022-10-23, but the CoC

…

## Issues and analysis

### Issue 1: Whether the application for liquidation was correctly filed under Section 33(1)(a) of the …

**Ratio:** Section 33(1)(a) applies when no resolution plan is received before the expiry of the

…

**Reasoning:** The court observed that the resolution plan was rejected by the CoC before the expiry of

…

**Interpretation:** Section 33(1)(a) and 33(2) of the Code provide different scenarios for

…

**Application:** In this case, the resolution plan was rejected before the expiry of the CIRP

…

## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Supreme Overseas…

## Timeline

- **2021-01-01 — CP (IB) 89/BB/2…**: CP (IB) 89/BB/2021 filed by State Bank…
- **2022-06-10 — CIRP Admi…**: CIRP was admitted, and Mr. Raghu Babu Gunturu was appointed as Interim Resolution…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-overseas-exports-india-private-limited-28210d8c