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

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00323. 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-00323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wraden-surgical-company-pvt-ltd-2804bdc0

## 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 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. The CoC, therefore, decided to proceed with the liquidation of the Corporate Debtor.

## Facts

M/s. Warden Surgical Company Private Limited was incorporated on 19.01.1970 under the Companies Act, 1956. The company's primary business involved surgical instruments, orthopaedic implants, hospital furniture, and related medical supplies. C.P. NO. (IB) 746/MB/C-III/2022 was admitted, initiating CIRP against the Corporate Debtor on 09.01.2023. Mr. Shashant Sudhakar Yeola was appointed as the Interim Resolution Professional (IRP). ASREC (India) Limited formed the CoC with 100% voting rights. The RP published 'Form A' on 20.01.2023 to invite claims from creditors. Six registered valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor's assets on 06.03.2023. The RP published invitations for Expression of Interest (Eol) on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Warden Surgical Company Pvt. Ltd., should be liquidated under …

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

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**Reasoning:** The court reasoned that despite multiple attempts to invite prospective resolution

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**Interpretation:** Section 33 is interpreted to mean that if all efforts to revive a corporate

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**Application:** In this case, the court applied Section 33 by considering the fact that the

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## Parties

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

## 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 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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