# In the matter of Aelis Enterprise Learning And Implementation Solutions Private Limited

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00702. Bhuwalka Mercantile LLP, the Operational Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00702
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aelis-enterprise-learning-and-implementation-solutions-private-limited-3d430472

## Summary

### Background

Bhuwalka Mercantile LLP, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aelis Enterprise Learning And Implementation Solutions Private Limited, the Corporate Debtor, under Section 9 of the IBC. The CIRP was initiated vide order dated 21/03/2022. An Interim Resolution Professional (IRP), Smt. Rashmi Chhawchharia, was appointed. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC consisted of National Skill Development Corporation, the sole Financial Creditor. Despite attempts to find a resolution plan, the CoC rejected the only resolution plan received from AVI Polymers Limited. Consequently, the CoC decided to proceed with the liquidation of the Corporate

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## Facts

Bhuwalka Mercantile LLP initiated CIRP against Aelis Enterprise Learning And Implementation Solutions Private Limited. The CIRP was initiated on 21/03/2022. Smt. Rashmi Chhawchharia was appointed as the IRP. Public announcements were made, and a CoC was formed, comprising National Skill Development Corporation as the sole Financial Creditor. The CoC held eleven meetings during the CIRP period. Form G was published inviting Expression of Interest from prospective resolution applicants. Only one resolution plan was received from AVI Polymers Limited on 07/09/2022. The CoC rejected the resolution plan on 15/09/2022 due to the applicant's lack of experience in the skilling industry and concerns about NSDC partnership. The CIRP period ended on 16/09/2022. The RP filed

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is obligated to order liquidation of the Corporate Debtor when …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates that the Adjudicating

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**Reasoning:** The Adjudicating Authority reasoned that the conjoint reading of Section 33(1)(a) and the

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**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision that requires the

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**Application:** In this case, since no resolution plan was approved before the expiry of the

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Bhuwalka Mercantil…
- **Respondents:** Aelis Enterprise…; M/s. Aelis…
- **Advocates:** Rahul Parasrampuri…; S. Gh…; +4 more

## Timeline

- **2022-03-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Aelis Enterprise…
- **2022-03-23 — Public Annou…**: Public announcement made in "Financial Express" and "Dainik Statesman" inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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