# 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-03226. 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-03226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhananjaya-money-management-services-private-limited-ma-97-2019-in-cp-1195-ib201-c09a522c

## 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) and later as the Resolution Professional. 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 2018-12-10. Mr. Vinod Tarachand Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcement was made on 2018-12-13, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 2019-01-05. The first CoC meeting was held on 2019-01-11, and the second on 2019-02-07. During the second CoC meeting, an Information Memorandum, Expression of Interest (EoI), and Form-G were placed before the CoC and approved. Registered Valuers were appointed on 2019-01-15 to ascertain the fair value and liquidation value of the Corporate Debtor's assets. 'Expression of

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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 IBC, 2016, allows for the liquidation of a corporate debtor if no

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**Reasoning:** The Tribunal noted that no resolution plan was received within the 180-day CIRP period,

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**Interpretation:** Section 33 of the IBC mandates liquidation when the CIRP fails to produce a

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**Application:** In this case, the absence of any resolution plan despite efforts to invite

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## Parties

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

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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