# In the matter of Ujwal Electrical Stampings Pvt. Ltd. IA-112,2249,2307,2429(MB)2020 & IA-81 & 1276(MB)2021 & IA-1122(MB)2022 in C.P. (IB)-3045(MB)2019

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-02880. The case involves the insolvency resolution process of a corporate debtor. The Resolution…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ujwal-electrical-stampings-pvt-ltd-ia-112224923072429mb2020-ia-81-1276mb2021-ia-69bb0f60

## Summary

### Background

The case involves the insolvency resolution process of a corporate debtor. The Resolution Professional (RP) filed an application, and it was noted that Form G was published twice, but no resolution plan was received. The Committee of Creditors (CoC) consists of Ahmednagar Merchants Co-Operative Bank Limited and SIDBI. The CoC resolved in its 7th meeting to seek liquidation of the Corporate Debtor Company. An application was filed seeking liquidation of the Corporate Debtor company and to nominate Mr. Manoj Kumar Mishra as Liquidator instead of Mr. Fanendra H. Munot. The bench allowed the application and appointed Mr. Manoj Kumar Mishra as a Liquidator. The application for liquidation was filed on 15.06.2021.

## Facts

The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP). Form G was published twice, but no resolution plan was received. The CoC, consisting of Ahmednagar Merchants Co-Operative Bank Limited and SIDBI, resolved to seek liquidation. An application was filed to nominate Mr. Manoj Kumar Mishra as Liquidator. The application for liquidation was filed on 15.06.2021. The NCLT found that the RP complied with the necessary procedures. The NCLT ordered liquidation under Section 33(1) of the Code. An application seeking extension of the CIRP period was also considered. The court granted an exclusion of 90 days from the CIRP period, which would end on 03.06.2021.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1) of the Insolvency and …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The court reasoned that since no resolution plan was submitted before the Adjudicating

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the absence of a resolution plan, despite the publication of Form

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## Parties

- **Judges:** ANURADHA SANJAY…; SUCHITRAKAN…
- **Respondents:** UJWAL ELECTRICAL…

## Timeline

- **2019-11-04 — Admission…**: The order of admission…
- **2021-06-15 — Liquidation Application…**: The application for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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