# In the matter of Warden Surgical Company Pvt. Ltd.

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00320. The case pertains to an application filed under Section 33(1)(a) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-NCLT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/warden-surgical-company-pvt-ltd-603e0b6a

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Warden Surgical Company Pvt. Ltd. The Corporate Debtor was incorporated in 1970 and engaged in the business of surgical instruments, orthopaedic implants, and other related medical supplies. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 09.01.2023. The applicant was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed with ASREC (India) Limited as the sole member. Despite attempts to find a resolution plan, including multiple invitations for Expression of Interest (Eol), no viable resolution plan was received. Consequently, the CoC decided to

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## Facts

M/s. Warden Surgical Company Private Limited ('Corporate Debtor') was incorporated on 19.01.1970 under the Companies Act, 1956. The company's primary business involved the manufacturing and supply of surgical instruments, orthopaedic implants, hospital furniture, and other related medical equipment. C.P. NO. (IB) 746/MB/C-III/2022 was admitted, initiating the CIRP against the Corporate Debtor on 09.01.2023. The Applicant was appointed as the Interim Resolution Professional. ASREC (India) Limited formed the CoC with 100% voting rights. The 1st CoC Meeting confirmed the Applicant as the Resolution Professional (RP) on 01.03.2023. Six Registered Valuers were appointed on 06.03.2023 to determine the “Fair Value” and “Liquidation Value” of the Corporate Debtor's assets. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Warden Surgical Company Pvt. …

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

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**Reasoning:** The court reasoned that the CoC, with 100% voting power, had decided to proceed with

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

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Shashant Sudhakar…
- **Respondents:** M/s. Warden…; ASREC (Indi…
- **Advocates:** Agam H.…; Prakhar T…

## Timeline

- **1970-01-19 — Incorporation of…**: M/s. Warden Surgical Company Private Limited was incorporated under the Companies Act,…
- **2023-01-09 — CIRP Init…**: C.P. NO. (IB) 746/MB/C-III/2022 was admitted, initiating the CIRP against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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