# In the matter of Indianroots Shopping Limited IA No. 558-ND-2020 in Company Petition No. (IB)-1411(ND)-2018

> NCLT judgment dated 2021-11-17. Citation: TCN-2021-NCLT-00471. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 17 Nov 2021
- **Citation:** TCN-2021-NCLT-00471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indianroots-shopping-limited-ia-no-558-nd-2020-in-company-petition-no-ib-1411nd-c7bd1a4d

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Indian Roots Shopping Limited. The operational creditor, AS Technosoft Private Limited, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 2019-03-13, and Mr. Ashok Kumar was appointed as the Interim Resolution Professional (IRP). It was later discovered that a CIRP had already been initiated for the Corporate Debtor on 2018-10-11, with Mr. Atul Kumar as the IRP. The bench clarified on 2019-04-24 that the order dated 2018-10-11

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## Facts

AS Technosoft Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Indian Roots Shopping Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-03-13, and Ashok Kumar was appointed as the Interim Resolution Professional (IRP). It was later discovered that a CIRP had already been initiated for Indian Roots Shopping Limited on 2018-10-11, with Atul Kumar as the IRP. The bench clarified that the order dated 2018-10-11 was redundant. The Resolution Professional (RP) complied with Section 15 of the IBC and Regulation 6 of the IBBI Regulations, making a public announcement. The suspended board of directors and ex-management of Indian Roots Shopping Limited did not

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Indian Roots Shopping Limited, should be liquidated under Section …

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

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**Reasoning:** The court reasoned that the corporate debtor should be liquidated due to non-cooperation

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the non-cooperation of the directors and ex-management, coupled

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Ashok K…
- **Respondents:** Indianroots…; AS TECHNOSOFT…

## Timeline

- **2018-10-11 — CIRP Init…**: CIRP initiated for Indian Roots…
- **2019-03-13 — Application A…**: Application under Section 9 of IBC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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