# In the matter of Solutions Business Centre Pvt. Ltd. CA No.3218-2020 In Company Petition No. (IB)-475(ND)-2018

> NCLT judgment dated 2021-05-20. Citation: TCN-2021-NCLT-02106. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 20 May 2021
- **Citation:** TCN-2021-NCLT-02106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solutions-business-centre-pvt-ltd-ca-no3218-2020-in-company-petition-no-ib-475nd-3c4007e7

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions for the liquidation of the corporate debtor, M/S Solutions Business Centre Private Limited. The operational creditor, Mrs. Renu Kumar, had previously filed an application under Section 9 of the IBC for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted, and Mr. Harish Goyal was appointed as the Interim Resolution Professional (IRP), later confirmed as RP. Subsequently, an application was filed to replace the former RP, and Abhishek Dutta was appointed as the new RP.

## Facts

Mrs. Renu Kumar, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Solutions Business Centre Pvt. Ltd. under Section 9 of the IBC. The application was admitted, and Mr. Harish Goyal was appointed as the Interim Resolution Professional (IRP), later confirmed as RP. Abhishek Dutta replaced the former RP. During the CIRP, the Corporate Debtor converted to a Limited Liability Partnership (LLP), which was later invalidated by the NCLT. A forensic audit revealed discrepancies in the Corporate Debtor's financial statements, including unreported debts and asset issues. The Resolution Professional (RP) faced non-cooperation from the ex-directors and a lack of relevant documents. The CIRP period was expiring, and the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(1) of the Insolvency …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The court considered the circumstances, including the expiration of the CIRP period, the

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**Interpretation:** Section 33(1) provides a clear legal basis for ordering liquidation when the

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**Application:** In this case, the CIRP period was expiring, and the corporate debtor had no

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Abhishek…
- **Respondents:** Solutions…; Renu K…

## Timeline

- **2018-04-01 — Filing of Section 9…**: The operational creditor, Mrs. Renu Kumar, filed an application under Section 9 of the…
- **2018-10-01 — Corporate Debtor Files…**: The corporate debtor filed its…

## 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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