# In the matter of Xecute HR Solutions Pvt. Ltd. IB-2460-ND-2019

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02081. The case involves an application on behalf of the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xecute-hr-solutions-pvt-ltd-ib-2460-nd-2019-011dc7b7

## Summary

### Background

The case involves an application on behalf of the Resolution Professional (RP) under Section 33(1) & (2) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, for the liquidation of the corporate debtor, Xecute HR Solutions Private Limited. The Tribunal heard the submissions made by the Counsel for the RP and noted the contents of the application.

## Facts

Mr. Vikram Jhunjhunwala filed a petition against M/s. Xecute HR Solutions Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). An application was made by the Resolution Professional (RP) under Section 33(1) & (2) of the IBC for the liquidation of the corporate debtor, Xecute HR Solutions Private Limited. The Committee of Creditors (CoC) approved the appointment of the RP, Mr. Sanju Kumar, as the Liquidator. The Tribunal considered the application and the submissions made by the Counsel for the RP. The Liquidator's fee was fixed by the CoC.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Xecute HR Solutions Private …

**Ratio:** Section 33(1) & (2) of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Reasoning:** The Tribunal considered the application made by the Resolution Professional (RP) and

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**Interpretation:** Section 33(1) & (2) of the IBC provides the legal basis for initiating

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**Application:** In this case, the RP filed an application under Section 33(1) & (2) of the

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** Vikram Jhunjhunwal…
- **Respondents:** Xecute HR…; M/s. Xecute HR…
- **Advocates:** Bheem Sai…; Abhishek…; +1 more

## Timeline

- **2021-05-31 — Order Del…**: Order delivered on the application for…
- **2021-08-10 — Matter Adj…**: The matter is adjourned to 2021-08-10 for the Liquidator to apprise the Tribunal about…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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