# In the matter of Theme Exports Private Limited C.A. 1121-ND-2019 in Company Petition No. (IB)-323(ND)-2019

> NCLT judgment dated 2020-07-29. Citation: TCN-2020-NCLT-00946. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 29 Jul 2020
- **Citation:** TCN-2020-NCLT-00946
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/theme-exports-private-limited-ca-1121-nd-2019-in-company-petition-no-ib-323nd-20-2c8dc719

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Theme Exports Private Limited. The Operational Creditor, Ratan Singh, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2019-08-29. Mr. Vikram Bajaj was appointed as the Interim RP (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). The CoC, in its second meeting, approved the resolution for liquidation with a 98.50% voting share.

## Facts

Ratan Singh, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Theme Exports Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on August 29, 2019, and Vikram Bajaj was appointed as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (CoC). During the CIRP, the CoC decided to liquidate the Corporate Debtor with a 98.50% voting share. The Resolution Professional (RP) then filed an application under Section 33(2) of the IBC for liquidation. The Operational Creditor and ex-management raised objections, arguing that the RP did not adequately explore resolution options and that the Corporate Debtor is an MSME. The CoC's

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Committee of

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**Reasoning:** The court reasoned that the CoC, with a 98.50% voting share, had decided to liquidate the

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**Interpretation:** Section 33(2) grants significant power to the CoC in deciding the fate of the

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was based on

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Ratan S…
- **Respondents:** Theme Export…
- **Advocates:** Abhishek…; Tushar…; +3 more

## Timeline

- **2019-08-29 — CIRP Init…**: Application under Section 9 of the Code admitted, initiating CIRP against the Corporate…
- **2019-08-29 — Appointment…**: Mr. Vikram Bajaj appointed as the…

## 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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