# In the matter of Right Engineers & Equipments India Pvt. Ltd. I.A. No. 484 of 2020 in C.P. (IB)No.  320-BB-2019

> NCLT judgment dated 2020-12-02. Citation: TCN-2020-NCLT-00188. The case involves an application (I.A.No.484 of 2020 in C.P.(IB)No.320/BB/2019) filed by Mr.…

- **Court:** NCLT
- **Order date:** 2 Dec 2020
- **Citation:** TCN-2020-NCLT-00188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/right-engineers-equipments-india-pvt-ltd-ia-no-484-of-2020-in-cp-ibno-320-bb-201-02028de5

## Summary

### Background

The case involves an application (I.A.No.484 of 2020 in C.P.(IB)No.320/BB/2019) filed by Mr. Addanki Haresh, the Resolution Professional of M/s. Right Engineers And Equipment India Private Limited, seeking an order for the liquidation of the Corporate Debtor under Section 33(2) of the IBC, 2016, and the appointment of a liquidator. The CIRP was initiated following the admission of a petition by the Financial Creditor, Sri M Visveswaraya Cooperative Bank Ltd, under Section 7 of the I&B Code, 2016.

## Facts

The Financial Creditor, Sri M Visveswaraya Cooperative Bank Ltd, filed a petition under Section 7 of the I&B Code, 2016, which was admitted by the Adjudicating Authority, Bengaluru Bench, initiating CIRP against Right Engineers & Equipment Private Limited. Mr. Addanki Haresh was appointed as the Resolution Professional (RP). Public announcements were made in 'Deccan Chronicle' and 'Samyukta Karnataka'. Several CoC meetings were held to discuss the resolution plan. Tippers and Trailers India Pvt. Ltd. submitted a resolution plan, which was rejected by the CoC because it did not meet the expectations of the Financial Creditors. The RP filed an application under Section 12(2) of IBC and Regulation 40C of CIRP Regulation for extension of the CIRP period. The CoC

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Right Engineers & Equipment India Private Limited, should be …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC rejected the resolution plan submitted by Tippers and Trailers India Pvt. Ltd.

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

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**Application:** Given the rejection of the resolution plan and the CoC's decision, the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Addanki H…
- **Respondents:** Right Engineers &…
- **Advocates:** Addanki H…

## Timeline

- **2019-10-29 — Order Da…**: The Adjudicating Authority passed an order…
- **2019-11-19 — Order Rec…**: The certified copy of…

## 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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