# In the matter of Banger Tech Private Limited IA(IBC)-493(KB)2022 in CP(IB)-130(KB)2021

> NCLT judgment dated 2022-12-29. Citation: TCN-2022-NCLT-00003. The case involves an application (IA(IBC)/493(KB)2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 29 Dec 2022
- **Citation:** TCN-2022-NCLT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/banger-tech-private-limited-iaibc-493kb2022-in-cpib-130kb2021-da904374

## Summary

### Background

The case involves an application (IA(IBC)/493(KB)2022) filed by the Resolution Professional (RP) of Banger Tech Private Limited, the Corporate Debtor, seeking liquidation under section 33(2) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25/11/2021, and Mr. Aditya Kumar Tibrewal was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 28/11/2021. The Committee of Creditors (CoC), comprising one unsecured financial creditor, was duly constituted. Despite inviting Expression of Interest (EoI) through Form G, no resolution plan was received. The CoC, in its meeting held on 26/04/2022, recommended liquidation with 100% voting share.

## Facts

Banger Tech Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 25/11/2021. Aditya Kumar Tibrewal was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 28/11/2021. The Committee of Creditors (CoC) was formed, consisting of one unsecured financial creditor. Expression of Interest (EoI) was invited by publishing Form G on 23/02/2022, with a submission deadline of 16/03/2022. No resolution plan was received. The CoC, in its meeting on 26/04/2022, with 100% voting share, recommended liquidation. The 180-day CIRP period expired on 23/05/2022. The RP filed IA(IBC)/493(KB)2022 seeking liquidation. The CoC proposed the name of Aditya Kumar Tibrewal as the Liquidator. The Corporate Debtor was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is obligated to order liquidation of the Corporate Debtor when …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC) mandates that the

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**Reasoning:** The court reasoned that the statute explicitly requires liquidation in the absence of a

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**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision, leaving the

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**Application:** Since no resolution plan was received for Banger Tech Private Limited before

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Aditya Kumar…
- **Respondents:** Banger Tech…

## Timeline

- **2021-11-25 — Initiation…**: The Adjudicating Authority ordered the initiation of CIRP against Banger Tech Private…
- **2021-11-28 — Public Annou…**: Public announcement regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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