# In the matter of Onus Enterprises Private Limited IA No. 1094 of 2021 in C.P. (IB) No. 2684-MB-2019

> NCLT judgment dated 2021-12-24. Citation: TCN-2021-NCLT-00010. The case involves an application filed by the Resolution Professional, P. Shivan Raju, under…

- **Court:** NCLT
- **Order date:** 24 Dec 2021
- **Citation:** TCN-2021-NCLT-00010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/onus-enterprises-private-limited-ia-no-1094-of-2021-in-cp-ib-no-2684-mb-2019-02affabc

## Summary

### Background

The case involves an application filed by the Resolution Professional, P. Shivan Raju, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process against Onus Enterprises Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal on March 3, 2020, following the admission of a petition under Section 7 of the Code. P. Shivan Raju was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Onus Enterprises Private Limited was initiated on 2020-03-03 by the NCLT Mumbai Bench. Mr. P Shivan Raju was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2020-03-12 to invite claims from creditors. The Committee of Creditors (CoC) was constituted on 2020-09-18. In the first CoC meeting on 2020-09-25, the members resolved to liquidate the Corporate Debtor with an 88.26% majority. The Resolution Professional communicated his unwillingness to continue in his role. Anil Vrijdas Rajkotia was appointed as the Resolution Professional/liquidator. An application was filed on 2021-05-07 seeking liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

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

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

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**Reasoning:** The Committee of Creditors (CoC) passed a resolution with 88.26% majority to liquidate

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

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**Application:** In this case, the CoC's decision to liquidate Onus Enterprises Private Limited,

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## Parties

- **Judges:** Shri. Bhaskara…; SHRI, NARENDER…
- **Appellants:** P. Shivan…
- **Respondents:** Onus Enterprises…; Avanse Financial…
- **Advocates:** Durgaprasad…; Hema D…

## Timeline

- **2020-03-03 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2020-03-12 — Public Annou…**: IRP made a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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