# In the matter of Dhananjaya Money Management Services Private Limited MA-97-2019 in CP-1195-IB=2018

> NCLT judgment dated 2021-01-27. Citation: TCN-2021-NCLT-03230. The case pertains to an application filed under Section 33 read with Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhananjaya-money-management-services-private-limited-ma-97-2019-in-cp-1195-ib201-8ad861a1

## Summary

### Background

The case pertains to an application filed under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Dhananjaya Money Management Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 10.12.2018, and Mr. Vinod Tarachand Agarwal was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Public announcement was made on 13.12.2018, inviting claims from creditors.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Dhananjaya Money Management Services Private Limited on 10.12.2018. Mr. Vinod Tarachand Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on 13.12.2018, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 05.01.2019, and meetings were held on 11.01.2019 and 07.02.2019. An Information Memorandum, Expression of Interest (EoI), and Form-G were presented and approved during the second CoC meeting. Registered Valuers were appointed on 15.01.2019 to determine the fair value and liquidation value of the Corporate Debtor's assets. An 'Expression of Interest' was invited on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Dhananjaya Money Management Services Private Limited, should be …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, allows for the liquidation

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**Reasoning:** The Tribunal reasoned that the CIRP had failed because no resolution plan was received by

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP does not result

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**Application:** In this case, the application of Section 33 led to the order for liquidation

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Vinod Tarachand…
- **Respondents:** Dhananjaya Money…; Anil Kumar…

## Timeline

- **2018-12-10 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Dhananjaya Money…
- **2018-12-13 — Public Annou…**: Public announcement made,…

## 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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