# In the matter of Biodiversity Conservation (India) Private Limited I.A. No. 239-2019 in C.P. (IB) No. 14-BB-2018

> NCLT judgment dated 2019-08-30. Citation: TCN-2019-NCLT-01666. The case involves an application (I.A No.239/2019 in C.P.(IB)No.14/BB/2018) filed by Mr. Amit…

- **Court:** NCLT
- **Order date:** 30 Aug 2019
- **Citation:** TCN-2019-NCLT-01666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/biodiversity-conservation-india-private-limited-ia-no-239-2019-in-cp-ib-no-14-bb-10afbfe7

## Summary

### Background

The case involves an application (I.A No.239/2019 in C.P.(IB)No.14/BB/2018) filed by Mr. Amit Chandrakant Shah, the Resolution Professional, under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order to liquidate Biodiversity Conservation (India) Private Limited, the Corporate Debtor. The application also seeks permission for the applicant to act as the liquidator, subject to the finalization of terms and conditions with the Committee of Creditors (CoC). The CIRP was initiated following a petition by Reliance Nippon Life Asset Management Limited & Anr., a financial creditor, under Section 7 of the IBC, which was admitted on 09.08.2018. Mrs. Nidhi Seksariae was initially appointed as the Interim Resolution Professional (IRP), and later

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## Facts

M/s. Biodiversity Conservation (India) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Reliance Nippon Life Asset Management Limited & Anr., a financial creditor, under Section 7 of the IBC, 2016. The CIRP was admitted on 09.08.2018. Mrs. Nidhi Seksariae was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period was extended by 90 days beyond the initial 180 days. The RP invited Expressions of Interest (EOI) from prospective resolution applicants through newspaper advertisements and website postings. Despite multiple rounds of EOI and efforts to facilitate participation, no viable resolution plan was received. The Committee of Creditors (CoC) decided

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## Issues and analysis

### Issue 1: Whether to allow the application filed under Section 33 of the I&BC, 2016, for liquidation of …

**Ratio:** Section 33(2) of the I&BC, 2016, allows for the liquidation of a corporate debtor if

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**Reasoning:** The Resolution Professional and the CoC made significant efforts to find a suitable

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**Interpretation:** Section 33(2) provides a legal basis for liquidation when CIRP fails to produce

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**Application:** Given the failure to receive a resolution plan and the CoC's approval, Section

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Mr.Amit Chandrakan…
- **Respondents:** M/s.Biodiversity…

## Timeline

- **2018-08-09 — CIRP Init…**: CIRP initiated following a petition by M/s. Reliance Nippon Life Asset Management Limited…
- **2018-09-07 — RP Appoin…**: CoC confirmed the appointment of Mrs. Nidhi…

## 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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