# In the matter of VRJ Traders Private Limited I.A. 3019-2022 in Company Petition No. (IB) - 151-ND-2021

> NCLT judgment dated 13 Sept 2022. Citation: TCN-2022-NCLT-01086. This application was filed by the Resolution Professional, Mr. Alok Kumar Kuchhal, under…

- **Court:** NCLT
- **Order date:** 13 Sept 2022
- **Citation:** TCN-2022-NCLT-01086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vrj-traders-private-limited-ia-3019-2022-in-company-petition-no-ib-151-nd-2021-54ed35d1

## Summary

### Background

This application was filed by the Resolution Professional, Mr. Alok Kumar Kuchhal, under Section 33(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The purpose of the application was to seek directions for the initiation of the liquidation process for the Corporate Debtor, M/s. VRJ Traders Pvt. Ltd., and to obtain other necessary orders. The Corporate Debtor had initially filed an application under Section 10 of the IBC, 2016, for the initiation of its own Corporate Insolvency Resolution Process (CIRP), which was admitted by the Tribunal on December 22, 2021. Mr. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) on May 24, 2022.

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## Facts

The Corporate Debtor, M/s. VRJ Traders Private Limited, initially filed an application under Section 10 of the IBC, 2016, for the initiation of its own Corporate Insolvency Resolution Process (CIRP). This application was admitted by the National Company Law Tribunal (NCLT) on December 22, 2021. Subsequently, Mr. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on May 24, 2022.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. VRJ…

**Ratio:** When the Committee of Creditors, exercising its commercial wisdom, determines that there…

**Reasoning:** The Committee of Creditors (CoC), after thorough deliberation and considering the…

**Interpretation:** The Tribunal interpreted Section 33(2) of the IBC, 2016, in conjunction with…

**Application:** Given that the CoC, in its second meeting, explicitly resolved to liquidate…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Advocates:** For the Applicant:…; (RP in pe…

## Timeline

- **December 22, 2021 — CIRP Admi…**: The Corporate Debtor's application under Section 10 of IBC, 2016, for initiating CIRP was…
- **May 24, 2022 — RP Confir…**: Mr. Alok Kumar Kuchhal was confirmed as the…

## 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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