# In the matter of ELHPL Private Limited CA-867(PB)-2018 & I.A. 3617 (PB)-2020 in Company Petition No. (IB)- 508 (PB)-2017

> NCLT judgment dated 2020-10-15. Citation: TCN-2020-NCLT-00379. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Oct 2020
- **Citation:** TCN-2020-NCLT-00379
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/elhpl-private-limited-ca-867pb-2018-ia-3617-pb-2020-in-company-petition-no-ib-50-0454b4d5

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, ELHPL Private Limited. Initially, ELHPL Private Limited had filed an application under Section 10 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). This application was admitted on 2017-12-11, and Mr. Rajiv Bajaj was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, comprising ICICI Bank Ltd and Vidya Mandir Classes Ltd. Subsequently, Vidya Mandir Classes Ltd. (VMCL) settled the debt of ICICI Bank Ltd., becoming the sole financial creditor. During the CIRP, an Expression of Interest was issued multiple times, and VM

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## Facts

ELHPL Private Limited faced financial difficulties, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated after an application was filed by ELHPL Private Limited itself. The application was admitted on 2017-12-11. Mr. Rajiv Bajaj was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) initially comprised ICICI Bank Ltd and Vidya Mandir Classes Ltd. Vidya Mandir Classes Ltd. (VMCL) settled the debt of ICICI Bank Ltd. for Rs. 78.45 Crores, becoming the sole financial creditor. During the CIRP, the Expression of Interest was issued thrice. VM Global Institute Pvt. Ltd proposed a resolution plan, but the Resolution Applicant

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, ELHPL Private Limited, should be …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, after due deliberation and considering the withdrawal of the resolution

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC

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**Application:** Given the CoC's decision and the circumstances preventing a successful

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Respondents:** ELHPL PRIVATE…; Vidya Mandir…
- **Advocates:** Ajay Kr.…; Atanu Muk…

## Timeline

- **2017-12-11 — CIRP Init…**: Application under Section 10 of the Code admitted, initiating CIRP against the Corporate…
- **2018-01-10 — CoC Consti…**: Committee of Creditors (CoC) constituted, comprising ICICI Bank Ltd & Vidya Mandir…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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