# In the matter of Kautilya Industries Pvt. Ltd. Vs. Parasrampuriya Synthetic Ltd. & Anr. CA(AT)(Insolvency) No. 282-2019

> NCLAT judgment dated 2019-07-31. Citation: TCN-2019-NCLAT-00395. The appeal was filed by Kautilya Industries Private Limited, a Resolution Applicant, against…

- **Court:** NCLAT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLAT-00395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kautilya-industries-pvt-ltd-vs-parasrampuriya-synthetic-ltd-anr-ca-97dbd0c6

## Summary

### Background

The appeal was filed by Kautilya Industries Private Limited, a Resolution Applicant, against the order dated February 15, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur. The Adjudicating Authority approved the application filed by the Resolution Professional for the liquidation of Parasrampuriya Synthetic Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Kautilya Industries Private Limited filed an appeal against the order of the Adjudicating Authority (NCLT Jaipur) which approved the liquidation of Parasrampuriya Synthetic Limited (Corporate Debtor). The application for liquidation was filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appellant argued that the 270-day period for the resolution process should exclude the period during which an interim order passed by the High Court of Judicature for Rajasthan was in effect. The High Court had initially passed a winding-up order but later recalled it. The Committee of Creditors, with a majority voting share, had decided to file for liquidation. The appellant's resolution plan was not accepted. The High Court

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The decision to approve liquidation rests with the Adjudicating Authority based on the

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**Reasoning:** The Committee of Creditors, with a significant majority, had decided to file for

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**Interpretation:** The Adjudicating Authority's decision is upheld when the statutory requirements

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**Application:** The Adjudicating Authority's decision to approve the liquidation was justified

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Kautilya Industrie…
- **Respondents:** Parasrampuria…; PARASRAMPURIA…

## Timeline

- **2018-09-27 — High Court…**: The High Court of Judicature for Rajasthan, Bench at Jaipur, passed an order of…
- **2019-01-03 — High Court Order…**: The High Court of Judicature for Rajasthan, Bench at Jaipur, recalled the earlier order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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