# In the matter of Aditya Prints Private Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02419. The case pertains to an application filed by the Interim Resolution Professional (IRP) of…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02419
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditya-prints-private-limited-ffeb5e54

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP) of Aditya Prints Private Limited under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 10.05.2022, following an application by the Financial Creditor, Vidhata Machineries Private Limited. The IRP made a public announcement inviting claims from creditors and constituted a Committee of Creditors (CoC).

## Facts

Aditya Prints Private Limited was admitted into CIRP on 10.05.2022, based on an application by Vidhata Machineries Private Limited, a financial creditor. Mr. Gordhan Ratnabhai Godhani was appointed as the IRP. A public announcement was made, and a Committee of Creditors (CoC) was formed, consisting of State Bank of India (93.48% voting share) and Vidhata Machinery Private Limited (6.52% voting share). The first CoC meeting was held on 09.06.2022, and the second on 19.07.2022, where the CoC resolved to liquidate the Corporate Debtor due to its non-operational status since 2016 and lack of viable assets. The resolution for liquidation was passed with 93.48% voting. The Ex-Director stated that he has no objection to liquidation of the Corporate Debtor on 13.06.2023. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Aditya Prints Private Limited, …

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

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**Reasoning:** The Adjudicating Authority considered the application filed by the IRP, the resolution

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to

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**Application:** In this case, the CoC had resolved to liquidate Aditya Prints Private Limited

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## Parties

- **Judges:** SHAMMI…; AJAI DAD ME…
- **Appellants:** Gordhan Ratnabhai…
- **Respondents:** Aditya Prints…; Committee of…

## Timeline

- **2022-05-10 — Admission in…**: Aditya Prints Private Limited was admitted into the Corporate Insolvency Resolution…
- **2022-05-14 — Public Annou…**: The IRP made a public announcement inviting claims from creditors, published in…

## Legal provisions

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

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