# In the matter of Balodis Technologies Pvt. Ltd. I.A No. 557-2019 in C.P.(IB)No. 111-BB-2018

> NCLT judgment dated 2019-11-15. Citation: TCN-2019-NCLT-00581. The case involves I.A. No. 557 of 2019 in C.P.(IB) No. 111/BB/2018 filed under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 15 Nov 2019
- **Citation:** TCN-2019-NCLT-00581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/balodis-technologies-pvt-ltd-ia-no-557-2019-in-cpibno-111-bb-2018-caf4edd6

## Summary

### Background

The case involves I.A. No. 557 of 2019 in C.P.(IB) No. 111/BB/2018 filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the liquidation of M/s. Balodis Technologies Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition under Section 10 of the IBC, 2016. Ms. Srilakshmi Purushotham was appointed as the Resolution Professional (RP).

## Facts

M/s. Balodis Technologies Pvt. Ltd. faced a Corporate Insolvency Resolution Process (CIRP) after a Company Petition filed under Section 10 of the IBC, 2016, was admitted. Ms. Srilakshmi Purushotham was appointed as the Resolution Professional (RP). Despite efforts by the RP and the Committee of Creditors (CoC), no suitable resolution plan was submitted to revive the business. The CoC concluded that there were no business prospects and no plans for future operations, leading them to approve the liquidation of the Corporate Debtor. The RP had submitted a report on the CoC on July 11th, 2019, and the first CoC meeting was conducted on July 15th, 2019. The Adjudicating Authority, after considering these facts and circumstances, disposed of I.A. No. 557/2019 and ordered the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Balodis Technologies Private …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to order the

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**Reasoning:** The court reasoned that no suitable resolution plan was submitted despite efforts by the

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if a resolution plan is

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**Application:** The ratio and reasoning were applied to the facts of the case, where no

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s.Balodis…

## Timeline

- **2019-05-28 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition filed under Section 10 of the…
- **2019-06-06 — Public Annou…**: The Resolution Professional caused a Public Announcement in Form A in Financial Express…

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