# In the matter of Rajpal Autolink Pvt. Ltd. IA-7(IND)2021 in  CP (IB)43 of 2020

> NCLT judgment dated 2021-04-23. Citation: TCN-2021-NCLT-02316. The application was filed under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IB…

- **Court:** NCLT
- **Order date:** 23 Apr 2021
- **Citation:** TCN-2021-NCLT-02316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rajpal-autolink-pvt-ltd-ia-7ind2021-in-cp-ib43-of-2020-94394c05

## Summary

### Background

The application was filed under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IB Code). The Committee of Creditors (CoC) in its 3rd meeting held on August 19, 2020, passed a resolution for the liquidation of the Corporate Debtor company with 100% voting share. The CoC decided to go for liquidation as it did not receive any viable resolution plan. The Resolution Professional (RP) requested the Bench to appoint an independent/separate liquidator as he did not wish to continue as a liquidator.

## Facts

Navin Khandelwal is the Resolution Professional (RP) of Rajpal Autolink Pvt Ltd. An application was filed under Section 33 and 34 of the Insolvency and Bankruptcy Code (IB Code). The Committee of Creditors (CoC) held its 3rd meeting on 19.08.2020 and passed a resolution for the liquidation of the Corporate Debtor company with 100% voting share, as no viable resolution plan was received. The RP does not wish to continue as a liquidator and requested the Bench to appoint an independent/separate liquidator. The Bench appointed Ms. Chhaya Gupta as the liquidator. The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. The liquidator is directed to issue a public announcement stating that the Corporate

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

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

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**Reasoning:** The CoC, in its meeting, resolved to liquidate the Corporate Debtor due to the absence of

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**Interpretation:** Section 33 of the IBC provides the legal basis for initiating liquidation when

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**Application:** The CoC's decision to liquidate the Corporate Debtor, coupled with the absence

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## Parties

- **Judges:** Manorama…; Virendra Kumar…
- **Respondents:** Rajpal Autolink…

## Timeline

- **2021-04-23 — Order Da…**: Order passed by the National Company Law Tribunal (NCLT) for liquidation of the Corporate…
- **2020-08-19 — CoC Meet…**: Committee of Creditors (CoC) in its 3rd meeting passed a resolution for liquidation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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