# In the matter of Aireff Detox Pvt. Ltd.

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02852. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aireff-detox-pvt-ltd-4b9bf4c4

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of Aireff De Tox Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Aireff De Tox Private Limited following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by TJSB Sahakari Bank Limited, the Financial Creditor. The applicant was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor by the Tribunal.

## Facts

On October 10, 2019, the Tribunal admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by TJSB Sahakari Bank Limited, initiating the Corporate Insolvency Resolution Process (CIRP) against Aireff De Tox Private Limited. The applicant was appointed as the Interim Resolution Professional (IRP). The Form-G was published on October 16, 2019, to invite claims from creditors. The second meeting of the Committee of Creditors (CoC) was held on November 25, 2019, for the replacement of the IRP, and Mr. Vivek Murlidhar Dabhade was appointed as the Resolution Professional. The fourth meeting of the CoC was held on September 9, 2020, where it was informed that there were no assets in the balance sheet. The fifth meeting of the CoC was held on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Aireff De Tox Private Limited, should be liquidated under Section …

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

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**Reasoning:** The CoC, after noting the lack of progress in the CIRP and the absence of physical

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**Interpretation:** Section 33(2) provides the legal basis for the CoC to decide on the liquidation

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**Application:** In this case, the CoC's decision to liquidate Aireff De Tox Private Limited,

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** TJSB Sahakari…
- **Respondents:** Aireff De Tox…; Aireff De Tox…

## Timeline

- **2019-10-10 — Petition Ad…**: Tribunal admitted the Petition under section 7 of the Code, filed by TJSB Sahakari Bank…
- **2019-10-16 — Form-G Publ…**: Form-G was published for inviting…

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