# In the matter of Olympic Sportsware And Equipments Private Limited

> NCLT judgment dated 2025-06-11. Citation: TCN-2025-NCLT-00917. The Resolution Professional claimed to have received costs up to March 2025, but the CoC has…

- **Court:** NCLT
- **Order date:** 11 Jun 2025
- **Citation:** TCN-2025-NCLT-00917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/olympic-sportsware-and-equipments-private-limited-b8f715e1

## Summary

### Background

An application (I.A.No.771/2023) was filed seeking initiation of liquidation proceedings for the Corporate Debtor and appointment of a liquidator from the panel of Insolvency Professionals. The CoC in its 4th meeting held on 06.02.2025, after deliberation, decided to take the Corporate Debtor for liquidation.

## Facts

The Resolution Professional claimed to have received costs up to March 2025, but the CoC has not been making payments despite requests.

The CoC informed that the concerned financial creditor has taken a decision, and the CIRP costs up to June 2025 are in the process of being disbursed.

An application was filed seeking initiation of liquidation proceedings for the Corporate Debtor.

The CoC in its 4th meeting held on 06.02.2025, decided to take the Corporate Debtor for liquidation.

Mr. M.V. Sudarshan was recommended by the CoC and appointed as the Liquidator.

## Issues and analysis

### Issue 1: Whether the outstanding payments to the Resolution Professional and CIRP costs should be disbursed …

**Ratio:** The court expects the outstanding

…

**Reasoning:** The court directed that the

…

**Interpretation:** The court emphasizes the importance of timely payments to the Resolution

…

**Application:** This applies to the CoC and the concerned financial creditor to ensure timely

…

## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** M/s. Olympic…
- **Other parties:** Gajendra…; M.V. Suda…
- **Advocates:** Gajendra…; Hemanth…

## Timeline

- **2025-02-06 — CoC Meet…**: The CoC held its 4th meeting and decided to…
- **2025-06-11 — Order Del…**: Order delivered on…

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