# In the matter of Uniply Industries Limited IA-167(CHE)-2022 & IA-401 (CHE)-2023 in IBA-751-2020

> NCLT judgment dated 2023-05-03. Citation: TCN-2023-NCLT-03491. The application IA/401(CHE)/2023 was filed for passing an order of liquidation in relation to…

- **Court:** NCLT
- **Order date:** 3 May 2023
- **Citation:** TCN-2023-NCLT-03491
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uniply-industries-limited-ia-167che-2022-ia-401-che-2023-in-iba-751-2020-a743539c

## Summary

### Background

The application IA/401(CHE)/2023 was filed for passing an order of liquidation in relation to Uniply Industries Limited, the Corporate Debtor (CD), by the Resolution Professional (RP). The Committee of Creditors (COC) decided to liquidate the CD in its 9th COC meeting held on 03.02.2023 because no viable resolution plan was approved. CIRP was ordered in IBA/751/2020 on 04.10.2021, following an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by M/s. Kishan Chand Suresh Kumar. The applicant was appointed as IRP and later as RP during the 1st COC meeting on 22.11.2021. Form G was published on 14.01.2022 and 21.06.2022. The CIRP period was extended by 90 days via order dated 18.04.2022, with exclusions granted, resulting in a total CIRP period

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## Facts

Uniply Industries Limited faced Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), initiated via application IBA/751/2020 following a Section 9 application by M/s. Kishan Chand Suresh Kumar, leading to the appointment of an Interim Resolution Professional (IRP) and later a Resolution Professional (RP). The Committee of Creditors (COC), consisting of a sole financial creditor SBICAP Trustee Company Ltd., convened nine meetings but failed to approve any resolution plan, including those submitted by suspended directors. Form G was published twice to invite resolution plans. The CIRP period was extended by 90 days, resulting in a total of 330 days, ending on 01.01.2023. Ultimately, in its 9th meeting on 03.02.2023, the COC

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Uniply Industries Limited, should be liquidated under Section …

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

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**Reasoning:** The court reasoned that the COC, in its 9th meeting, decided to liquidate the Corporate

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the COC, after exhausting the

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**Application:** The court applied Section 33(1)(a) to the facts of the case, noting that the

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** L. V. Shyam…
- **Respondents:** Uniply Industries…; Ramgopal Lakshmi…

## Timeline

- **2020-10-04 — CIRP Ord…**: CIRP was ordered in…
- **2021-11-22 — Appointment…**: L. V. Shyam Sundar was appointed as…

## 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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