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

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02077. 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-02077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xecute-hr-solutions-pvt-ltd-ib-2460-nd-2019-9d22156f

## 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). The Resolution Professional (RP) filed an application under Section 33(1) & (2) of the IBC, read with Rule 11 of the NCLT Rules, 2016, seeking liquidation of the corporate debtor, Xecute HR Solutions Private Limited. The Tribunal heard the submissions of the RP's counsel and noted the contents of the application. The Committee of Creditors (CoC) approved the liquidation, and Mr. Sanju Kumar, the RP, was appointed as the Liquidator. The Liquidator's fee was also fixed by the CoC. The Tribunal ordered the liquidation and directed the Liquidator to take steps as per law and report back in two months. The matter was adjourned

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## 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 by the RP and noted that the CoC had approved the

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**Interpretation:** Section 33(1) & (2) of the IBC is interpreted to mean that if the RP

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**Application:** In this case, the RP applied for liquidation, and the CoC approved it.

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** Vikram Jhunjhunwal…
- **Respondents:** Xecute HR…; M/s. Xecute HR…

## Timeline

- **2021-05-31 — Order Del…**: Order delivered on the application for…
- **2021-08-10 — Adjournmen…**: Matter adjourned to this date for the Liquidator to apprise the Tribunal about the steps…

## 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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