# In the matter of Balaji Lifestyle Technologies Private Limited IA(IBC)No. 630-JPR-2022 In CP No. (IB)-20-10-JPR-2022

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04229. The Corporate Debtor, M/s Balaji Lifestyle Technologies Private Limited, underwent Corporate…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/balaji-lifestyle-technologies-private-limited-iaibcno-630-jpr-2022-in-cp-no-ib-2-589ad148

## Summary

### Background

The Corporate Debtor, M/s Balaji Lifestyle Technologies Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2022-06-01, and Mr. Tara Chand Sharma was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, comprising four financial creditors. The CoC rejected the proposal to confirm the IRP as the Resolution Professional (RP). Subsequently, Mr. Jai Prakash Rawat was appointed as RP. Despite efforts, no resolution plan was received. The RP then filed an application for liquidation of the Corporate Debtor.

## Facts

M/s Balaji Lifestyle Technologies Private Limited initiated CIRP by filing an application under Section 10 of the IBC, which was admitted on 2022-06-01. Mr. Tara Chand Sharma was appointed as IRP. The CoC, consisting of UCO Bank, Tata Capital Financial Services Limited, Bajaj Finance Limited, and Aditya Birla Finance Limited, rejected the proposal to confirm the IRP as RP. Mr. Jai Prakash Rawat was later appointed as RP. Despite publishing Form-G, no resolution plan was received. The CoC was reconstituted, increasing the number of financial creditors to five. In the 5th CoC meeting, the members approved the liquidation of the Corporate Debtor with 89.39% voting share. The RP, Mr. Jai Prakash Rawat, was appointed as Liquidator. The Adjudicating Authority considered

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the IBC are satisfied to order the liquidation of the …

**Ratio:** Section 33(1) of the IBC allows the Adjudicating Authority to order liquidation if no

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received despite efforts to

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**Interpretation:** Section 33(1) provides a clear framework for initiating liquidation when the

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**Application:** In this case, since no resolution plan was received and the CoC approved

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Respondents:** M/S BALAJI…

## Timeline

- **2022-06-01 — Admission of Application…**: The application under Section 10 of the…
- **2022-06-01 — Appointment…**: Mr. Tara Chand Sharma 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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