# In the matter of Eolane Electronics Bangalore Pvt. Ltd. CP No. 65-BB-17

> NCLT judgment dated 2017-12-20. Citation: TCN-2017-NCLT-00021. The case pertains to a Company Petition filed by Eolane Electronics Bangalore Private Limited…

- **Court:** NCLT
- **Order date:** 20 Dec 2017
- **Citation:** TCN-2017-NCLT-00021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/eolane-electronics-bangalore-pvt-ltd-cp-no-65-bb-17-5a44ec27

## Summary

### Background

The case pertains to a Company Petition filed by Eolane Electronics Bangalore Private Limited on behalf of the Corporate Debtor, Eolane Electronics Bangalore Pvt. Ltd., under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had defaulted for four years, owing Rs. 144,99,49,809/- to creditors. The Tribunal admitted the application on August 31, 2017, declared a moratorium under Section 14 of the IBC, and appointed Shri Gorur N Venkataraman as the Interim Resolution Professional (IRP).

## Facts

Eolane Electronics Bangalore Pvt. Ltd. filed a petition on behalf of the Corporate Debtor, Eolane Electronics Bangalore Pvt. Ltd., due to defaults of Rs. 144,99,49,809/- over four years. The NCLT admitted the petition on August 31, 2017, initiating CIRP and imposing a moratorium. Shri Gorur N Venkataraman was appointed as IRP. The IRP took steps to verify creditors' claims, appoint valuers, and constitute a Committee of Creditors (CoC). The IRP invited resolution plans, but none were received. The CoC concluded that no resolution was possible and recommended liquidation. The last date for submission of claims was 13.09.2017. The IRP also appointed two registered valuers and sought information from auditors regarding the company's transactions. The IRP submitted a

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency and Bankruptcy …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, mandates liquidation if no

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**Reasoning:** The Tribunal noted that no resolution plan was submitted within the stipulated time, and

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**Interpretation:** Section 33 provides a clear directive for liquidation when the CIRP fails to

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**Application:** Given the absence of a resolution plan and the CoC's recommendation, the

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…
- **Appellants:** Eolane Electronics…
- **Respondents:** Eolane Electronics…
- **Advocates:** Perikal K…

## Timeline

- **N/A — Default by Corporate…**: The Corporate Debtor defaulted for four years,…
- **2017-08-31 — Admission of Application…**: The Tribunal admitted the application and declared a moratorium under Section 14 of the…

## 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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