# In the matter of Bohra Fashions Private Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01093. The case pertains to an application filed by the Resolution Professional (RP) under Section 33…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bohra-fashions-private-limited-c5b2a04a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 33 read with Section 34 of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Bohra Fashions Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2022-05-10 following an application by the Operational Creditor, Holzwood Industries Private Limited, under Section 9 of the IBC, 2016. Atul Jaswantrai Sheth was appointed as the Interim Resolution Professional (IRP). The applicant submitted that the respondents are the directors of the suspended management of M/s. Bohra Fashions Private Limited. The first meeting of the CoC was held on 2022-06-21, and the second meeting

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## Facts

The Resolution Professional (RP) of Bohra Fashions Private Limited filed an application under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-05-10, based on an application filed by Holzwood Industries Private Limited, an Operational Creditor, under Section 9 of the IBC. Atul Jaswantrai Sheth was appointed as the Interim Resolution Professional (IRP). The respondents are the suspended directors of Bohra Fashions Private Limited. The first meeting of the Committee of Creditors (CoC) was held on 2022-06-21, and the second on 2022-07-27, where the applicant was appointed as RP. Form G was published on

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 read with Section 34 of the Insolvency and …

**Ratio:** Section 33(2) of the IBC, 2016, allows for the liquidation of the Corporate Debtor if the

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**Reasoning:** The CoC, with 100% voting, approved the resolution seeking liquidation of the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The CoC's decision, coupled with the absence of significant assets, justified

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Atul S…
- **Respondents:** Bohra Fashions…; Sanjay…

## Timeline

- **2022-05-10 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) based on…
- **2022-06-21 — First CoC M…**: First meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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