# In the matter of Aarya Equity (India) Private Limited

> NCLT judgment dated 2024-12-03. Citation: TCN-2024-NCLT-00108. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Aarya Equity (India)…

- **Court:** NCLT
- **Order date:** 3 Dec 2024
- **Citation:** TCN-2024-NCLT-00108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aarya-equity-india-private-limited-7dfb971d

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Aarya Equity (India) Private Limited. The CIRP was initiated by the Tribunal on 2023-11-09, following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Applicant was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement in Form A in two daily newspapers. One claim was received from the creditors of the Corporate Debtor. The Committee of Creditors (CoC) rejected the agenda to publish invitation for Expression Of Interest. The CoC decided to file an application for the liquidation of the Corporate Debtor and appointed CA Anand Pande as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Aarya Equity (India) Private Limited was initiated on 2023-11-09 by the Tribunal. The Applicant was appointed as the Interim Resolution Professional (IRP). A public announcement was issued. One claim was received from creditors. The Committee of Creditors (CoC) rejected the agenda to publish invitation for Expression Of Interest. The CoC decided to file an application for the liquidation of the Corporate Debtor in their meeting held on 2024-08-06 and appointed CA Anand Pande as the Liquidator. The Corporate Debtor is not operational and has no cash generation. The CoC does not foresee any possibility of getting resolution plans for the Corporate Debtor. The Applicant filed an application for liquidation.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Aarya Equity (India) Private …

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

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**Reasoning:** The Committee of Creditors decided to liquidate the Corporate Debtor because it was not

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**Interpretation:** Section 33(2) of the IBC allows for liquidation when the CoC decides that

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**Application:** The ratio and reasoning are applied to the facts of the case, where the CoC

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Micro Capitals…
- **Respondents:** Aarya Equity…

## Timeline

- **2023-11-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Applicant was initiated…
- **2023-11-25 — Last Day for Submission…**: The last day for submission of claims was 25th November, 2023 as stated in the public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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