# In the matter of Lakshmi Apparels and Woven Limited MA-132-IB-2018 In TCP-262-IB-CB-2017

> NCLT judgment dated 2018-06-22. Citation: TCN-2018-NCLT-01236. The case involves an application for liquidation of the Corporate Debtor, M/s. Lakshmi Apparels…

- **Court:** NCLT
- **Order date:** 22 Jun 2018
- **Citation:** TCN-2018-NCLT-01236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakshmi-apparels-and-woven-limited-ma-132-ib-2018-in-tcp-262-ib-cb-2017-117ea3b1

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, M/s. Lakshmi Apparels and Wovens Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by operational creditors, M/s. Saravana Distributors and M/s. Sri Devi Chemicals. The initial Interim Resolution Professional (IRP) could not continue due to ill-health, leading to the appointment of a new IRP, who was later appointed as the Resolution Professional (RP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Lakshmi Apparels and Wovens Limited, the Corporate Debtor (CD), based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by operational creditors, M/s. Saravana Distributors and M/s. Sri Devi Chemicals. The petition was admitted, and Mr. R. Rajasekaran was appointed as the Interim Resolution Professional (IRP). However, due to the IRP's ill-health, he could not initiate the CIRP. The Financial Creditor requested a change of IRP, and the present applicant, Mr. M. Suresh Kumar, was appointed as IRP. Subsequently, he was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CoC determined that there was no scope for revival of

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. …

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

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**Reasoning:** The Adjudicating Authority considered the facts and circumstances presented in the

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Shri. CA M.…
- **Respondents:** M/s. Lakshmi…

## Timeline

- **2017-09-01 — Order for…**: Order issued for CIRP as per…
- **2018-04-13 — Appointment…**: Present applicant appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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