# In the matter of Aditi Health Oils Private Limited IA (IB) No. 1478-KB-2020 in CP (IB) No. 1178-KB-2018

> NCLT judgment dated 2021-01-12. Citation: TCN-2021-NCLT-03316. The case involves an application filed by the Resolution Professional (RP) of Aditi Health Oils…

- **Court:** NCLT
- **Order date:** 12 Jan 2021
- **Citation:** TCN-2021-NCLT-03316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditi-health-oils-private-limited-ia-ib-no-1478-kb-2020-in-cp-ib-no-1178-kb-2018-5206ab5b

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Aditi Health Oils Private Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Aditi Health Oils Private Limited based on a petition filed by JM Financial Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and public announcements were made to invite claims. The Committee of Creditors (CoC) was constituted, and in its first meeting, a resolution was passed to replace the IRP with the current RP, Mr. Surendra Kumar Agarwal.

## Facts

JM Financial Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against Aditi Health Oils Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2019-11-21. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 2019-11-28, setting 2019-12-11 as the last date for claim submission. The Committee of Creditors (CoC) was constituted with two Financial Creditors. In the first CoC meeting on 2019-12-19, a resolution was passed to replace the IRP. On 2020-01-01, the Adjudicating Authority approved the replacement of the IRP and appointed Mr. Surendra Kumar Agarwal as the Resolution Professional (RP). The RP published Form

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

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

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**Reasoning:** The CoC resolved by 100% voting share to liquidate the Corporate Debtor, and the

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**Interpretation:** Section 33(2) provides a clear legal basis for ordering liquidation when the

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor, coupled

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** JM Financial…
- **Respondents:** ADITI HEALTH OILS…

## Timeline

- **2019-11-21 — CIRP Init…**: Adjudicating Authority admitted the petition filed by JM Financial Asset Reconstruction…
- **2019-11-28 — Public Annou…**: Interim Resolution Professional made a public announcement in Financial Express (English)…

## Legal provisions

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

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