# In the matter of GROWELL HIRE PURCHASE AND FINANCE PVT LTD

> NCLT judgment dated 2026-03-26. Citation: TCN-2026-NCLT-00283. The application was filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mr. P.…

- **Court:** NCLT
- **Order date:** 26 Mar 2026
- **Citation:** TCN-2026-NCLT-00283
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/growell-hire-purchase-and-finance-pvt-ltd-053b62b3

## Summary

### Background

The application was filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mr. P. Balasubramaniam, the Resolution Professional (RP) of M/s. Growell Hire Purchase and Finance Private Limited, the Corporate Debtor (CD), seeking liquidation.

## Facts

The Corporate Debtor, M/s. Growell Hire Purchase and Finance Private Limited, is a private limited company incorporated on 02.06.1987.

The CIRP was initiated on 27.06.2025, following a petition filed under Section 10 of the IBC.

Public announcements were made on 04.07.2025, inviting claims from creditors.

The Committee of Creditors (CoC) was constituted on 24.07.2025.

The first meeting of the CoC was held on 31.07.2025.

No resolution plan was received despite the issuance of Form-G.

The CoC voted for liquidation during its 4th meeting held on 06.10.2025.

Bank of Baroda, holding 72.23% of the voting share, voted in favor of liquidation.

Union Bank of India, holding 27.77% of the voting share, abstained from voting on the liquidation proposal.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the failure of the CIRP to produce a …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CIRP has run its course without culmination in a viable Resolution Plan. Despite

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**Interpretation:** When the CIRP fails to produce a resolution plan, the Adjudicating Authority

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**Application:** The Adjudicating Authority, considering the decision taken by the CoC, deemed

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** P. Balasubr…
- **Respondents:** Growell Hire…
- **Other parties:** Bank of B…; Union Bank of…; +2 more
- **Advocates:** S. Sathyana…; G. Thyaga…; +4 more

## Timeline

- **2025-06-27 — Commencement…**: The Corporate Insolvency…
- **2025-06-27 — Appointment…**: Mr. P. Balasubramaniam was 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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