# In the matter of Akshaya Imaging Systems Pvt. Ltd. MA-286-2018 in CP-431-IB-2018

> NCLT judgment dated 2018-08-07. Citation: TCN-2018-NCLT-00990. The case pertains to a Miscellaneous Application (MA/286/2018) filed in CP/431/IB/2018 by the…

- **Court:** NCLT
- **Order date:** 7 Aug 2018
- **Citation:** TCN-2018-NCLT-00990
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akshaya-imaging-systems-pvt-ltd-ma-286-2018-in-cp-431-ib-2018-376568f5

## Summary

### Background

The case pertains to a Miscellaneous Application (MA/286/2018) filed in CP/431/IB/2018 by the Resolution Professional, Mr. Varadachari Kumar, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Akshaya Imaging Systems Private Limited. The Financial Creditor, M/s. Syndicate Bank, had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the I&B Code, 2016, due to outstanding debt amounting to Rs. 13,35,55,068.51. The Adjudicating Authority admitted the application on 31.05.2018, declared a moratorium, and appointed an Interim Resolution Professional. The Resolution Professional invited claims and constituted a Committee of Creditors (CoC) with Syndicate

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## Facts

M/s. Syndicate Bank, the Financial Creditor, initiated CIRP against M/s. Akshaya Imaging Systems Private Limited, the Corporate Debtor, due to outstanding debt of Rs. 13,35,55,068.51. The Adjudicating Authority admitted the application on 31.05.2018. The Resolution Professional, Mr. Varadachari Kumar, was appointed. The CoC, consisting solely of Syndicate Bank, was formed. The suspended Directors of the Corporate Debtor requested liquidation. The CoC agreed to liquidate the Corporate Debtor in its meeting on 18.07.2018. The suspended Directors/guarantors gave their consent to include their land, mortgaged to the Financial Creditor and improved with credit facilities availed for the Corporate Debtor, as part of the liquidation estate. This land is leased out to the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Akshaya Imaging Systems …

**Ratio:** Section 33(2) of the I&B Code, 2016, allows the Adjudicating Authority to pass an

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**Reasoning:** The CoC, consisting of Syndicate Bank, decided to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** The CoC's decision to liquidate, coupled with the circumstances of the case,

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. Akshaya…

## Timeline

- **2018-05-31 — Admission of Ap…**: The Adjudicating Authority…
- **2018-06-05 — Invitation of…**: The Resolution Professional invited claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36(3) — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

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