# In the matter of Eagle Cotton Private Limited I.A. No. 476-2020 in C.P. (I.B) No. 458-7-NCLT-AHM-2018 > NCLT judgment dated 2020-11-06. Citation: TCN-2020-NCLT-00286. The case pertains to an Interlocutory Application (IA 476 of 2020) filed by the Resolution… - **Court:** NCLT - **Order date:** 6 Nov 2020 - **Citation:** TCN-2020-NCLT-00286 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/eagle-cotton-private-limited-ia-no-476-2020-in-cp-ib-no-458-7-nclt-ahm-2018-99fbe879 ## Summary ### Background The case pertains to an Interlocutory Application (IA 476 of 2020) filed by the Resolution Professional (RP) seeking an order for the liquidation of the Corporate Debtor, M/s. Eagle Cotton Private Limited, under Sections 33(1), 33(2), 34(1), and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP also requested the exclusion of 68 days from the CIRP period due to the lockdown imposed between March 25, 2020, and May 31, 2020. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on July 19, 2019, following an application filed by the Financial Creditor, Bank of India, under Section 7 of the IBC, 2016. Chandra Prakash Jain was initially appointed as the Interim Resolution Professional (IRP). ## Facts The Corporate Debtor, M/s. Eagle Cotton Private Limited, was admitted into CIRP on 19.07.2019 based on an application by the Financial Creditor, Bank of India, under Section 7 of the IBC, 2016. Chandra Prakash Jain was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted the Committee of Creditors (COC), with Bank of India as the sole member holding 100% voting rights. The former RP published Expressions of Interest (EOIs) on 08.11.2019, as instructed by the COC, but no resolution plan was received. The COC decided to re-publish the EOI with revised eligibility criteria on 09.12.2019 and replace the former RP with Pradeep Kabra. The appointment of Pradeep Kabra was confirmed by the Adjudicating Authority. An … ## Issues and analysis ### Issue 1: Whether the Interlocutory Application filed by the Resolution Professional for liquidation of the … **Ratio:** Section 33(2) of the IBC mandates that if the COC, during the CIRP, decides by 66% or … **Reasoning:** The COC, with a 100% vote, decided to liquidate the Corporate Debtor due to the absence … **Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to pass … **Application:** In this case, the COC's decision to liquidate the Corporate Debtor, supported … ## Parties - **Judges:** Madan B.…; Virendra Kumar… - **Appellants:** Pradeep… - **Respondents:** Eagle Cotton…; Bharatbhai… ## Timeline - **2019-07-19 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) based on… - **2019-08-17 — Constitution…**: Form-A constituted the COC wherein "Bank of India" is a sole member of COC with 100%… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33) --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/eagle-cotton-private-limited-ia-no-476-2020-in-cp-ib-no-458-7-nclt-ahm-2018-99fbe879