# State Bank of India vs. Shreem Corporation Limited

> NCLT judgment dated 2026-05-15. Citation: TCN-2026-NCLT-00499. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shreem Corporation…

- **Court:** NCLT
- **Order date:** 15 May 2026
- **Citation:** TCN-2026-NCLT-00499
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/state-bank-of-india-vs-shreem-corporation-limited-2t0sm

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shreem Corporation Limited. Mr. Naren Sheth was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). Despite efforts to invite Expressions of Interest (EoI) and the submission of resolution plans by Prospective Resolution Applicants (PRAs), the Committee of Creditors (CoC) ultimately rejected all proposed plans.

## Facts

Mr. Naren Sheth, Applicant/Resolution Professional of Shreem Corporation Limited, filed an application seeking initiation of Liquidation Process of the Corporate Debtor under Section 33(2) of the IBC, 2016.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shreem Corporation Limited by the Tribunal vide Order dated 22.09.2021.

Mr. Naren Sheth was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor, and the order was received by the Applicant on 05.10.2021.

The Applicant published 'Form A' (Public Announcement) on 07.10.2021 in Financial Express (English) and Navshakti (Marathi) to invite claims from creditors.

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## Issues and analysis

### Issue 1: Whether to initiate the liquidation process of Shreem Corporation Limited under Section 33(2) of …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) of Shreem Corporation Limited, in its 25th meeting held

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**Interpretation:** The court's interpretation of Section 33(2) of the IBC establishes a mandatory

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**Application:** Given that the Committee of Creditors (CoC) for Shreem Corporation Limited

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## Parties

- **Judges:** NILESH S…; Charanjeet Singh…
- **Appellants:** State Bank of…; Naren S…
- **Respondents:** Shreem Corporation…
- **Other parties:** Punjab National…; Ritu Ra…
- **Advocates:** Adv Malavika…; Abdullah Q…

## Timeline

- **2021-09-22 — CIRP Initiati…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Shreem…
- **2021-10-05 — IRP Order R…**: The order appointing Mr. Naren Sheth as the Interim Resolution Professional (IRP) was…

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