# In the matter of Rainbow Industrial Park Pvt. Ltd. I.A. No. 44 of 2022 in C.P. (I.B) No. 729 of 2019

> Read the full IBC case summary for In the matter of Rainbow Industrial Park Pvt. Ltd. I.A. No. 44 of 2022 in C.P. (I.B) No. 729 of 2019. NCLT judgment dated…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-04742
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rainbow-industrial-park-pvt-ltd-ia-no-44-of-2022-in-cp-ib-no-729-of-2019-10582e79

## Summary

### Background

The Resolution Professional filed an application under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Rainbow Industrial Park Private Limited, after the Committee of Creditors resolved to liquidate the company due to the absence of resolution plans and assets.

## Facts

The present Interlocutory Application was filed by the Resolution Professional under Section 33 read with Section 34 of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016), seeking an order for the liquidation of the Corporate Debtor, Rainbow Industrial Park Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) by an order dated October 5, 2021, following an application by the Operational Creditor, Mr. Shashikant Thakar, under Section 9 of the IBC, 2016.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Rainbow Industrial Park Private Limited, should be liquidated under…

**Ratio:** When the Committee of Creditors, after due consideration of the Corporate Debtor's…

**Reasoning:** The Committee of Creditors (COC) unanimously decided to liquidate the Corporate Debtor.…

**Interpretation:** The court interpreted Sections 33(1) and 33(2) of the IBC, 2016, to mean that…

**Application:** Given that the COC unanimously decided to liquidate, no EOI was received, and…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Advocates:** For the Applicant:…; Learned C…

## Timeline

- **October 5, 2021 — CIRP Admi…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP)…
- **October 8, 2021 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement in "The Financial…

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