# In the matter of Blue Whale Machinery Technologies Pvt. Ltd. I.A. No. 317 of 2020 in C.P. (IB) No. 159-BB-2020

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00619. The case involves an application (I.A.No.317 of 2020) filed in connection with a Company…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/blue-whale-machinery-technologies-pvt-ltd-ia-no-317-of-2020-in-cp-ib-no-159-bb-2-2adf2d56

## Summary

### Background

The case involves an application (I.A.No.317 of 2020) filed in connection with a Company Petition (C.P.(IB)No.159/BB/2020) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The main Company Petition was filed by Mr. Deepak Dhirajlal Mehta, Director of M/s. Blue Whale Machinery Technologies Pvt. Ltd., under Section 10 of the IBC, 2016. The petition was admitted on July 10, 2020, initiating the Corporate Insolvency Resolution Process (CIRP) for M/s. Blue Whale Machinery Technologies Pvt. Ltd. Mr. Srinivas Thatikonda was appointed as the Interim Resolution Professional (IRP). The application sought an order for the liquidation of the Corporate Debtor.

## Facts

Mr. Deepak Dhirajlal Mehta, Director of M/s. Blue Whale Machinery Technologies Pvt. Ltd., filed a Company Petition (C.P.(IB)No.159/BB/2020) under Section 10 of the IBC, 2016. The petition was admitted on July 10, 2020, initiating CIRP for M/s. Blue Whale Machinery Technologies Pvt. Ltd. due to defaults amounting to Rs. 18,01,59,144/-. Mr. Srinivas Thatikonda was appointed as the Interim Resolution Professional (IRP). The Tribunal determined that the Corporate Debtor's liabilities exceeded its assets. The Committee of Creditors (CoC) was formed, consisting of Karur Vysya Bank Limited (with the highest voting share of 71.38%), UCO Bank, Arohan Financial Services Limited, Aditya Birla Finance Limited, Shriram City Union Finance Limited, and Axis Bank. In a meeting on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Blue Whale Machinery Technologies Private Limited, should be …

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

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**Reasoning:** The CoC, in its commercial wisdom, unanimously passed a resolution for liquidation,

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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 resolution for liquidation, coupled with the Corporate Debtor's

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Srinivas Thatikond…
- **Respondents:** M/s. Blue Whale…

## Timeline

- **2020-07-10 — CIRP Init…**: The Adjudicating Authority admitted the Company Petition and initiated CIRP for M/s. Blue…
- **2020-07-10 — Appointment…**: Mr. Srinivas Thatikonda was appointed as the…

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