# In the matter of Shree Ramrajya Cotex Private Limited

> NCLT judgment dated 9 Nov 2023. Citation: TCN-2023-NCLT-00819. The present application was filed by Mr. Keyur J Shah, the Resolution Professional (RP) of M/s.…

- **Court:** NCLT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLT-00819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-ramrajya-cotex-private-limited-55e58175

## Summary

### Background

The present application was filed by Mr. Keyur J Shah, the Resolution Professional (RP) of M/s. Shree Ramrajya Cotex Private Limited, the Corporate Debtor. The application sought an order for the liquidation of the Corporate Debtor and the appointment of the RP as the liquidator, under Section 33(1)(b) read with Section 34(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The Corporate Debtor had previously been admitted into Corporate Insolvency Resolution Process (CIRP) on February 3, 2023, following an application by M/s. Raj Radhe Finance Limited, a financial creditor, under Section 7 of the IBC. Mr. Keyur J Shah was appointed as the Interim Resolution Professional (IRP) at that time.

## Facts

The Corporate Debtor, M/s. Shree Ramrajya Cotex Private Limited, was incorporated under the Companies Act, 1956. Its registered office is located in Gondal, Gujarat. M/s. Raj Radhe Finance Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor by filing an application under Section 7 of the IBC, 2016. This application was registered as C.P. (IB) 320 of 2022.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Shree Ramrajya Cotex Private Limited, should be liquidated under…

**Ratio:** When the Committee of Creditors, in its commercial wisdom and with a 100% majority,…

**Reasoning:** The CoC, with a 100% majority, resolved to liquidate the Corporate Debtor after no…

**Interpretation:** The court interpreted **Section 33(1)(a)** and **Section 34(1)** of the IBC,…

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

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Advocates:** For the Applicant:…

## Timeline

- **February 3, 2023 — CIRP Admi…**: The Corporate Debtor was admitted into CIRP by the NCLT, and Mr. Keyur J Shah was…
- **February 7, 2023 — Public Annou…**: The IRP issued a public announcement in Form…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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