# In the matter of Bajrang Cotgin Private Limited I.A. No. 188 of 2022 in C.P. (I.B) No. 401 of 2019

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01895. The case involves an application filed by the Resolution Professional (RP) of Bajrang Cotgin…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01895
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajrang-cotgin-private-limited-ia-no-188-of-2022-in-cp-ib-no-401-of-2019-ac64be39

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Bajrang Cotgin Private Limited under Section 33 r.w. Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2021-03-15. The Committee of Creditors (CoC), comprised of Punjab National Bank, rejected all resolution plans submitted by Prospective Resolution Applicants. The CIRP period was extended multiple times. The CoC ultimately resolved to liquidate the Corporate Debtor with 100% votes.

## Facts

The Resolution Professional (RP) of Bajrang Cotgin Private Limited filed an application under Section 33 r.w. Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 2021-03-15. The Interim Resolution Professional (IRP) published Form – A for submission of claims. The Committee of Creditor (CoC) comprised of Punjab National Bank. The first CoC meeting was held on 2021-04-12. The Applicant published Form – G for submission of Expression of Interest (Eol) by the Prospective Resolution Applicants. The last date of submission of the Eols was 2021-05-20. The CoC extended the date for submission of Expression of Interest multiple times.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Bajrang Cotgin Pvt. Ltd., should …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) states that where the committee

…

**Reasoning:** The court reasoned that the CoC, being the sole member, had passed a resolution to

…

**Interpretation:** Section 33(2) of the IBC provides a clear directive for the Adjudicating

…

**Application:** In this case, the CoC, being the sole member, voted with 100% in favor of

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Premraj Ramratan…
- **Respondents:** Bajrang Cotgin…; Kiritkumar…

## Timeline

- **2021-03-15 — Admission in…**: The Corporate Debtor was admitted into…
- **2021-04-12 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajrang-cotgin-private-limited-ia-no-188-of-2022-in-cp-ib-no-401-of-2019-ac64be39