# In the matter of Aditya Exim Ltd. IA 311-2020 in CP (I.B) No. 312-NCLT-AHM-2018

> NCLT judgment dated 2020-08-05. Citation: TCN-2020-NCLT-00897. The case involves an application (IA No. 311 of 2020) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 5 Aug 2020
- **Citation:** TCN-2020-NCLT-00897
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-exim-ltd-ia-311-2020-in-cp-ib-no-312-nclt-ahm-2018-528ce9ea

## Summary

### Background

The case involves an application (IA No. 311 of 2020) filed by the Resolution Professional (RP) of Aditya Exim Limited in Company Petition (IB) No. 312 of 2018, seeking liquidation of the Corporate Debtor under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC), 2016, and for the appointment of a Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Narayani Ispat Limited (Operational Creditor) against Aditya Exim Limited (Corporate Debtor) under Section 9 of the IBC. The CIRP was admitted on 2019-09-26, and Shri Gordhanbhai Ratnabhai Godhani was appointed as the Interim Resolution Professional (IRP).

## Facts

Narayani Ispat Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aditya Exim Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2019-09-26, and Shri Gordhanbhai Ratnabhai Godhani was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) decided in its first meeting on 2019-10-23 to continue with the IRP as RP. In the fourth CoC meeting held on 2020-03-19, the CoC resolved to go for liquidation of the Corporate Debtor because no viable Resolution Plan was received and the Corporate Debtor did not possess significant assets. The bank balance available in the bank account of the Corporate Debtor was insufficient to pay the

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Sections 33 and 34 of the …

**Ratio:** The Adjudicating Authority cannot interfere with the commercial wisdom of the Committee

…

**Reasoning:** The Hon'ble Supreme Court affirmed K. Sashidhar's judgement that neither the Adjudicating

…

**Interpretation:** The interpretation of the law is that the Adjudicating Authority must respect

…

**Application:** In this case, the CoC decided to liquidate the Corporate Debtor because no

…

## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Gordhanbhai…
- **Respondents:** Aditya Exim…; Narayani Ispat…

## Timeline

- **2018-01-01 — CP(IB) No. 312 of 2018…**: CP (IB) No. 312 of 2018 was filed by Operational Creditor, namely Narayani Ispat Limited,…
- **2019-09-26 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted by this Adjudicating…

## 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)

---

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-chandigarh/aditya-exim-ltd-ia-311-2020-in-cp-ib-no-312-nclt-ahm-2018-528ce9ea