# In the matter of Indradev Goods Private Limited IA (IB) No. 737-KB-2021 in CP (IB) No. 267-KB-2020

> NCLT judgment dated 2021-11-08. Citation: TCN-2021-NCLT-00588. The case pertains to an application filed under section 33(1)(a) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Nov 2021
- **Citation:** TCN-2021-NCLT-00588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indradev-goods-private-limited-ia-ib-no-737-kb-2021-in-cp-ib-no-267-kb-2020-5edabeb9

## Summary

### Background

The case pertains to an application filed under section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Indradev Goods Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Hytone Merchants Private Limited under section 7 of the Code. Mr. Uday Narayan Mitra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made, and a Committee of Creditors (CoC) was constituted. Despite efforts, no resolution plan was received.

## Facts

Hytone Merchants Private Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Indradev Goods Private Limited, the corporate debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 2021-01-08 and appointed Mr. Uday Narayan Mitra as the Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional (RP). A public announcement was made on 2021-01-11, with a deadline of 2021-01-22 for submitting claims. The Committee of Creditors (CoC) was formed, and its first meeting was held on 2021-02-08, confirming the IRP as the RP. Despite publishing Form G for Expression of Interest (EOI) on 2021-03-24 and re-publishing it on 2021-06-05, no EOIs

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Indradev Goods Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

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**Reasoning:** The court reasoned that the CoC had resolved with 99.98% voting share to liquidate the

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when a resolution plan

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**Application:** In this case, the CoC approved the liquidation with 99.98% voting share,

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Indradev Goods…

## Timeline

- **2021-01-08 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…
- **2021-01-11 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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