# In the matter of Syntex Trading & Agency Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00335. The case involves an application filed by Mr. Avil Menezes, the Resolution Professional of the…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00335
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/syntex-trading-agency-private-limited-6276b250

## Summary

### Background

The case involves an application filed by Mr. Avil Menezes, the Resolution Professional of the Corporate Debtor, Syntex Trading & Agency Private Limited, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 09.06.2022, in Company Petition C.P.(IB)/841(MB)2022 filed by Central Bank of India, the Financial Creditor. Mr. Avil Menezes was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

## Facts

The Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Syntex Trading & Agency Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 09.06.2022. Mr. Avil Menezes was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcements were made on 13.06.2023, inviting creditors to file their claims. The constitution of the Committee of Creditors (CoC) was stayed by NCLAT on 07.07.2023, but the stay was lifted on 26.09.2023. The Resolution Professional issued invitations for Expression of Interest (EoI) twice, but no resolution plan was received by the deadline of 08.02.2024. Consequently, the CoC approved

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Syntex Trading & Agency …

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

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**Reasoning:** The tribunal reasoned that since no resolution plan was received despite issuing

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, the absence of a resolution plan and the CoC's unanimous approval

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Avil Me…
- **Respondents:** Syntex Trading &…; Central Bank of…

## Timeline

- **2022-06-09 — Admission of Company…**: The Tribunal admitted the Company Petition filed by Central Bank of India, initiating the…
- **2023-06-13 — Public Annou…**: The Applicant issued a Public Announcement in two Newspapers, in FORM A, calling upon the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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