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

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00708. Bhuwalka Mercantile LLP, the Operational Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00708
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aelis-enterprise-learning-and-implementation-solutions-private-limited-9b5a2b76

## 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 CIRP period ended on 16/09/2022, and no extension was sought.

## Facts

Bhuwalka Mercantile LLP, an Operational Creditor, initiated CIRP against Aelis Enterprise Learning and Implementation Solutions Private Limited. The CIRP commenced on 2022-03-21. Rashmi Chhawchharia was appointed as the IRP and later confirmed as RP. Public announcements were made to invite claims from creditors, leading to the formation of a Committee of Creditors (CoC). Six progress reports were filed. Despite inviting Expressions of Interest, only one resolution plan was received from AVI Polymers Limited. The CoC rejected the plan due to a lack of experience in the skill sector. The CIRP period ended on 2022-09-16 without any extension. The CoC decided to proceed with liquidation. The RP filed IA(IBC)/1062(KB)2022 seeking liquidation. The Corporate Debtor had

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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 court reasoned that the conjoint reading of Section 33(1)(a) and the decision of the

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

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**Application:** Since no resolution plan was approved before the expiry of the CIRP period, and

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Appellants:** Bhuwalka Mercantil…
- **Respondents:** Aelis Enterprise…; M/s. Aelis…

## Timeline

- **2022-03-21 — Initiation…**: Order for initiation of Corporate Insolvency Resolution Process (CIRP) against Aelis…
- **2022-03-23 — Public Annou…**: Public announcement in “Financial Express” and “Dainik Statesman” inviting claims from…

## 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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