# In the matter of Aventura Components Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03284. Adecco India Private Limited filed an application against Aventura Components Private Limited…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aventura-components-private-limited-d51cb364

## Summary

### Background

Adecco India Private Limited filed an application against Aventura Components Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Adjudicating Authority initiated CIRP on 2021-02-12 and appointed Mr. Satya Prakash as the Interim Resolution Professional. A public announcement was made on 2021-03-15 to invite claims from creditors, with a deadline of 2021-03-29. A Committee of Creditors (CoC) was formed, and in its first meeting on 2022-04-15, it resolved to appoint the IRP as RP. The RP prepared an Information Memorandum on 2021-05-04. In the third CoC meeting on 2021-05-31, a resolution was passed to replace Mr. Satya Prakash with Mr. Ravindra Kumar Goyal as RP. The Adjudicating Authority allowed this replacement on

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## Facts

M/s Adecco India Private Limited initiated CIRP against M/s Aventura Components Private Limited under Section 9 of the IBC. CIRP was initiated on 2021-02-12, and Mr. Satya Prakash was appointed as IRP. A public announcement was made on 2021-03-15. The CoC was formed, and in its meeting on 2022-04-15, the IRP was appointed as RP. The RP prepared an Information Memorandum on 2021-05-04. The CoC decided to replace Mr. Satya Prakash with Mr. Ravindra Kumar Goyal as RP on 2021-05-31, which was approved on 2021-07-12. Form G was published on 2021-08-06. The deadline for submission of the resolution plan was extended to 2021-10-30. Only one resolution plan was received, which was rejected by the CoC on 2022-05-04 due to a low offer and unacceptable personal guarantee release

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the application for liquidation of the Corporate …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The CoC rejected the resolution plan due to its low value and unacceptable terms

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation when resolution

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**Application:** The CoC's decision to reject the resolution plan was based on valid commercial

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** RAVINDRA KUMAR…
- **Respondents:** Aventura Component…; Adecco India…

## Timeline

- **2021-02-12 — CIRP Init…**: CIRP initiated against Aventura…
- **2021-03-15 — Public Annou…**: Public announcement made to…

## 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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