# In the matter of Aditazz Design Technologies Pvt. Ltd. I.A. No. 130 of 2020 in C.P. (IB)No. 1157-BB-2018

> NCLT judgment dated 2021-01-18. Citation: TCN-2021-NCLT-03288. The case involves an application (I.A.No.130 of 2020) filed in C.P.(IB)No.157/BB/2018 by Mr.…

- **Court:** NCLT
- **Order date:** 18 Jan 2021
- **Citation:** TCN-2021-NCLT-03288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditazz-design-technologies-pvt-ltd-ia-no-130-of-2020-in-cp-ibno-1157-bb-2018-8595f92f

## Summary

### Background

The case involves an application (I.A.No.130 of 2020) filed in C.P.(IB)No.157/BB/2018 by Mr. Basavaraj Salimath, the Resolution Professional of M/s. Aditazz Design Technologies Private Limited, seeking an order for the liquidation of the Corporate Debtor under Section 33(1)(a) & 34(1) of the IBC, 2016. The CIRP was initiated based on an application filed by an Operational Creditor, Mr. Rang Emei Gonmei. The Resolution Professional faced significant non-cooperation from the Corporate Debtor's key personnel, hindering the CIRP process. Despite multiple attempts, the Resolution Professional was unable to obtain necessary documents and information to finalize the financials and determine the total dues owed by the Corporate Debtor. The Committee of Creditors (CoC) did

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## Facts

Mr. Basavaraj Salimath, the Interim Resolution Professional (IRP) and later Resolution Professional (RP) of M/s. Aditazz Design Technologies Private Limited, filed an application seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Mr. Rang Emei Gonmei, an Operational Creditor. The IRP made a public announcement and convened meetings of the Committee of Creditors (CoC). The RP faced significant non-cooperation from the Corporate Debtor's key personnel, including the directors and statutory auditor, in providing necessary documents and information. The Directors of the Corporate Debtor, Mr. Jagdish Krishna Hemmady and Mr. Sankaran Varadarajan, resigned simultaneously on March 2,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Aditazz Design Technologies Private Limited, should be …

**Ratio:** Section 33(1) of the IBC, 2016, allows for the initiation of liquidation proceedings when

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**Reasoning:** The statutory period of CIRP had expired on 25th February, 2020, and no resolution plan

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**Interpretation:** Section 33(1) of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the CIRP period expired, and no resolution plan was submitted.

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Basavaraj S…
- **Respondents:** M/s. Aditazz…

## Timeline

- **2019-08-28 — Appointment of Interim…**: Mr. Basavaraj M Salimath was appointed as…
- **2019-09-15 — Public Annou…**: The IRP made a public announcement in Financial Express and Samyukta Karnataka, calling…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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