# In the matter of Radheshyam Fibres Pvt. Ltd. C.P. (I.B) No. 51-7-NCLT-AHM-2017

> NCLT judgment dated 2018-01-15. Citation: TCN-2018-NCLT-01934. The case involves an application filed by the resolution professional seeking an order of…

- **Court:** NCLT
- **Order date:** 15 Jan 2018
- **Citation:** TCN-2018-NCLT-01934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/radheshyam-fibres-pvt-ltd-cp-ib-no-51-7-nclt-ahm-2017-62220c3c

## Summary

### Background

The case involves an application filed by the resolution professional seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India (Financial Creditor) under section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved in its meeting held on 12.12.2017 that no resolution plan was received in respect of the Corporate Debtor, and the Corporate Debtor did not qualify for any resolution application as per criteria fixed by section 29A of the Code.

## Facts

The State Bank of India, acting as a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Radheshyam Fibres Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) convened on December 12, 2017, and determined that no resolution plan had been received for the Corporate Debtor. Furthermore, the COC found that the Corporate Debtor did not meet the criteria for resolution applications as outlined in Section 29A of the IBC. Consequently, the COC resolved to pursue liquidation. The Resolution Professional then filed an application seeking an order of liquidation under Section 33(2) of the IBC. The Adjudicating Authority considered these

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Radheshyam …

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

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**Reasoning:** The Adjudicating Authority considered the COC's decision that no resolution plan was

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

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**Application:** In this case, the COC's resolution to liquidate the Corporate Debtor, due to

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Respondents:** Radheshyam Fibres…
- **Advocates:** Vishal…; Nipun Si…

## Timeline

- **2017-12-12 — COC Meet…**: The Committee of Creditors (COC) resolved that no resolution plan was received and that…
- **2018-01-15 — Order Da…**: The Adjudicating Authority ordered the liquidation of the Corporate Debtor, Radheshyam…

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