# 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-02866. The case involves the insolvency resolution process of a corporate debtor, Ujwal Electrical…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02866
- **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-74619175

## Summary

### Background

The case involves the insolvency resolution process of a corporate debtor, Ujwal Electrical Stampings Pvt Ltd. The resolution professional (RP) filed an application, and despite Form G being published twice, no resolution plan was received. The Committee of Creditors (CoC) consisted of Ahmednagar Merchants Co-Operative Bank Limited and SIDBI. The CoC resolved in its 7th meeting to seek liquidation of the Corporate Debtor. An application for liquidation was filed on 15.06.2021.

## Facts

Ujwal Electrical Stampings Pvt Ltd underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) published Form G twice, but no resolution plan was received. The Committee of Creditors (CoC) comprised Ahmednagar Merchants Co-Operative Bank Limited and SIDBI. The CoC resolved to seek liquidation in its 7th meeting. An application for liquidation was filed on 15.06.2021. One of the CoC members filed IA/1122(MB)2022 seeking to nominate Mr. Manoj Kumar Mishra as liquidator instead of Mr. Fanendra H. Munot. The application for liquidation was filed on 15.06.2021. The RP complied with the procedure under the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. IA/2307(MB)2020 sought

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** Section 33(1) of the Code allows for a liquidation order if no resolution plan is

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**Reasoning:** The court reasoned that since no resolution plan was submitted despite the publication of

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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**Application:** Since no resolution plan was received, the court applied Section 33(1) to order

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## Parties

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

## Timeline

- **2019-11-04 — Admission…**: Order of admission was…
- **2021-06-15 — Liquidation Application…**: 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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