# In the matter of Baid Industries Private Limited

> NCLT judgment dated 2024-04-19. Citation: TCN-2024-NCLT-01670. The case pertains to an application filed under Sections 33 and 34(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 Apr 2024
- **Citation:** TCN-2024-NCLT-01670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/baid-industries-private-limited-fd70e23f

## Summary

### Background

The case pertains to an application filed under Sections 33 and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Baid Industries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by the Financial Creditor, Meliora Asset Reconstruction Company Limited, which was admitted on 07.12.2022. Mr. Murali Prasad Nalam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting proof of claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Meliora Asset Reconstruction Company Limited. The RP was later replaced by Mr. Vikash G Jain.

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## Facts

Meliora Asset Reconstruction Company Limited initiated CIRP against Baid Industries Private Limited. The CIRP was admitted on 07.12.2022, and Mr. Murali Prasad Nalam was appointed as IRP. A CoC was formed, including State Bank of India and Meliora Asset Reconstruction Company Limited. Mr. Vikash G Jain replaced Mr. Nalam as RP. The RP issued Form G twice, but the CoC rejected all resolution plans with 98.62% voting share. The CoC then resolved to liquidate the Corporate Debtor and appoint Mr. Jigar Tarunkumar Bhatt as liquidator. The 330-day CIRP period expired on 02.11.2023, and the liquidation application was filed on 27.11.2023. The applicant sought condonation for the delay. The CoC decided to take the Corporate Debtor into liquidation, citing no technically and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Baid Industries Private Limited, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC, in its commercial wisdom, decided to liquidate the Corporate Debtor due to the

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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 liquidate Baid Industries Private Limited, based on the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Vikash G.…
- **Respondents:** Baid Industries…; Ashok Kuma…

## Timeline

- **2022-12-07 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) was admitted against the Corporate…
- **2022-12-07 — Appointment…**: Mr. Murali Prasad Nalam was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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