# Rajendra P vs. M/s. Indiranagar Chit Fund & Trading Co. (Pvt) Ltd > NCLT judgment dated 2026-08-31. Citation: TCN-2026-NCLT-01011. Mr. Rajendra P, an Operational Creditor, initiated Corporate Insolvency Resolution Process… - **Court:** NCLT - **Order date:** 31 Aug 2026 - **Citation:** TCN-2026-NCLT-01011 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/rajendra-p-vs-ms-indiranagar-chit-fund-and-trading-company-private-limited-tmk21 ## Summary ### Background Mr. Rajendra P, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Indiranagar Chit Fund and Trading Company Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, due to a default of Rs.20,02,250/-. The Adjudicating Authority admitted the case and initiated CIRP on 28.01.2020. Subsequently, 77 days were excluded from the CIRP period due to lockdown, revising the completion date to 12.10.2020. The Committee of Creditors (COC) met on 06.10.2020 to consider CIRP or liquidation. ## Facts Mr. Rajendra P filed CP(IB)No.322/BB/2019 under Section 9 of IBC against M/s. Indiranagar Chit Fund and Trading Company Private Limited for a default of Rs.20,02,250/-. The Adjudicating Authority admitted the case and initiated CIRP on 28.01.2020. 77 days were excluded from the CIRP period due to lockdown by order dated 02.09.2020, revising the CIRP completion date to 12.10.2020. The 4th Meeting of the COC took place on 06.10.2020, where the COC resolved to approve liquidation of the Corporate Debtor by a 100% vote share. The COC also resolved to appoint Shri Shankar B Iyer as the Liquidator with a 100% vote share. … ## Issues and analysis ### Issue 1: Whether M/s. Indiranagar Chit Fund and Trading … **Ratio:** A Corporate Debtor should be liquidated when there is no possibility of a resolution plan … **Reasoning:** The Resolution Professional and COC assessed the assets versus liabilities and found no … **Interpretation:** Section 33(2) of the IBC, 2016, empowers the Adjudicating Authority to order … **Application:** Given the COC's 100% vote for liquidation and the unlikelihood of a resolution … ## Parties - **Judges:** Rajeswara Rao…; Ashutosh C…; +2 more - **Appellants:** Rajend…; Shankar B… - **Respondents:** M/s. Indiranagar… - **Other parties:** CoC…; Chandan Yakkar…; +2 more - **Advocates:** Susheel S…; Apoorv… ## Timeline - **2020-01-28 — CIRP Init…**: The Adjudicating Authority admitted the case and initiated Corporate Insolvency… - **2020-09-02 — CIRP Period E…**: The Adjudicating Authority excluded 77 days… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-bengaluru/rajendra-p-vs-ms-indiranagar-chit-fund-and-trading-company-private-limited-tmk21