# In the matter of Ahalya Trading Private Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01150. The application I.A. No. 38/2024 was filed by Mr. Milind B Kasodekar seeking liquidation of…

- **Court:** NCLT
- **Order date:** 14 Jun 2024
- **Citation:** TCN-2024-NCLT-01150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ahalya-trading-private-limited-531f7891

## Summary

### Background

The application I.A. No. 38/2024 was filed by Mr. Milind B Kasodekar seeking liquidation of Ahalya Trading Private Limited, referred to as the 'Corporate Debtor', under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Tribunal had previously admitted a petition under Section 9 of the Code, filed by Avanti Resources Private Limited, the 'Operational Creditor', initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Mr. Milind B Kasodekar was appointed as the Interim Resolution Professional.

## Facts

Mr. Milind B Kasodekar, the Resolution Professional, filed I.A. No. 38/2024 seeking the liquidation of Ahalya Trading Private Limited ('Corporate Debtor') under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. Previously, Avanti Resources Private Limited ('Operational Creditor') initiated CIRP against the Corporate Debtor, and the Tribunal admitted the petition on 2022-09-27. Mr. Kasodekar was appointed as the Interim Resolution Professional. Following the publication of FORM-G on 2023-12-18, two EOIs were received. One prospective Resolution Applicant (PRA), Shubhlaxmi Investment Advisory Private Limited, requested additional time to submit a resolution plan. The CoC rejected this request during its 4th meeting on 2024-02-23. As no resolution plans were

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Ahalya Trading Private Limited, should be liquidated under Section …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides for the liquidation

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**Reasoning:** The CoC, in its 4th meeting, rejected the request for additional time from a prospective

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a

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**Application:** Since no resolution plan was received despite efforts to solicit them, and the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Milind B.…
- **Respondents:** Ahalya Trading…; Avanti Resources…

## Timeline

- **2019-01-01 — Company Petiti…**: C.P.(IB) No. 1894/MB/201…
- **2022-09-27 — Petition Ad…**: Tribunal admitted the petition under Section 9 of the Code, filed by Avanti Resources…

## 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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