# In the matter of Radhey Sham Tandon Manufacturing Pvt. td. I.A. 5087-2020 In Company Petition No. (IB) - 1825 (PB) -2019

> NCLT judgment dated 2021-08-26. Citation: TCN-2021-NCLT-01283. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 26 Aug 2021
- **Citation:** TCN-2021-NCLT-01283
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/radhey-sham-tandon-manufacturing-pvt-td-ia-5087-2020-in-company-petition-no-ib-1-190f7c80

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Radhey Sham Tandon Manufacturing Private Limited. The financial creditor, Small Industries Development Bank of India, had previously filed a Company Petition under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 10.10.2019. Mr. Sanjeev Bindal was appointed as the Interim Resolution Professional (IRP).

## Facts

The Small Industries Development Bank of India, acting as the financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Radhey Sham Tandon Manufacturing Pvt. Ltd., the corporate debtor, by filing a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. This petition, numbered IB-1825(PB)/2019, was admitted on 10.10.2019. Mr. Sanjeev Bindal was appointed as the Interim Resolution Professional (IRP). The corporate debtor had ceased business operations for more than two years and possessed limited assets, including immovable properties in Bawal, Rewari, Haryana, and Gurugram. The Committee of Creditors (CoC) decided in its 5th meeting on 24.02.2020, with a 100% voting share, to liquidate the corporate debtor's

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The Committee of Creditors (CoC), in its 5th and 9th meetings, resolved with 100% voting

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

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**Application:** Given the CoC's decision and the Corporate Debtor's circumstances, the Tribunal

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## Parties

- **Judges:** Shri. Bhaskara…; SHRI. HEMANT…
- **Respondents:** M/s Radhey Sham…; Small Industries…

## Timeline

- **2019-10-10 — Admission of CIRP…**: The Tribunal admitted the Company Petition filed by the financial creditor, initiating…
- **2020-02-24 — CoC Decision to…**: The Committee of Creditors (CoC) decided in its 5th meeting, with 100% voting share, to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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