# In the matter of FR Tech Innovations Private Limited

> NCLT judgment dated 4 Mar 2024. Citation: TCN-2024-NCLT-02227. This application was filed by Mr. Narayan Swami, the Resolution Professional (RP) of FR Tech…

- **Court:** NCLT
- **Order date:** 4 Mar 2024
- **Citation:** TCN-2024-NCLT-02227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fr-tech-innovations-private-limited-4bd156bd

## Summary

### Background

This application was filed by Mr. Narayan Swami, the Resolution Professional (RP) of FR Tech Innovations Private Limited, seeking a liquidation order for the Corporate Debtor. The application was based on a resolution passed by the Committee of Creditors (CoC) in its meeting held on April 28, 2023. The Corporate Insolvency Resolution Process (CIRP) against FR Tech Innovations Private Limited commenced on November 14, 2019, when the Tribunal admitted CP No. (IB)-2891 (MB)/2019. Mr. Arun Mohan was initially appointed as the Interim Resolution Professional (IRP).

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## Facts

Mr. Narayan Swami, the Resolution Professional (RP) of FR Tech Innovations Private Limited, filed an application under section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order for the Corporate Debtor. This application was based on a resolution passed by the Committee of Creditors (CoC) in its meeting held on April 28, 2023, which approved the liquidation of the Corporate Debtor. The initial Corporate Insolvency Resolution Process (CIRP) for FR Tech Innovations Private Limited commenced on November 14, 2019, following the admission of CP No. (IB)-2891 (MB)/2019 by the Tribunal.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, FR Tech Innovations Private Limited, should be ordered for…

**Ratio:** When the Committee of Creditors (CoC) resolves with the requisite majority to liquidate…

**Reasoning:** The Tribunal reasoned that the application for liquidation was filed by the Resolution…

**Interpretation:** The Tribunal interpreted Section 33(2) of the Code to mean that if the CoC,…

**Application:** In this case, the CoC, in its meeting on April 28, 2023, unanimously passed a…

## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Advocates:** For the Applicant:…; PCA…

## Timeline

- **November 14, 2019 — CIRP Admi…**: CP No. (IB)-2891 (MB)/2019 was admitted by the Tribunal, initiating the Corporate…
- **December 2, 2019 — Public Annou…**: Form A was published by the Interim Resolution Professional (IRP) inviting claims from…

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