# In the matter of Concept Biosciences India Private Limited

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01360. The application was filed by the Interim Resolution Professional (IRP) seeking an order for the…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/concept-biosciences-india-private-limited-1ef343d5

## Summary

### Background

The application was filed by the Interim Resolution Professional (IRP) seeking an order for the corporate debtor to go into liquidation, and for the replacement of the applicant with another person to act as the liquidator.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Concept Biosciences India Pvt. Ltd. (Corporate Debtor) on April 1, 2022, based on a petition filed by Radico Khaitan Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). Following the initiation of CIRP, a public announcement was made on April 4, 2022, and the Committee of Creditors (CoC) was formed, including Radico Khaitan Limited. Reports certifying the constitution and re-constitution of the CoC were filed on April 22, 2022, and May 19, 2022, respectively. The IRP circulated the notice and agenda for the first CoC meeting on April 25, 2022, which

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be directed to go under liquidation as per Section 33(2) of the …

**Ratio:** An order for liquidation of the Corporate Debtor must be passed when the Committee of

…

**Reasoning:** The Committee of Creditors (CoC) had approved the initiation of liquidation proceedings

…

**Interpretation:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, is interpreted as

…

**Application:** Given the CoC's approval with 99.28% voting share, the Adjudicating Authority

…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Radico Khaitan…; Ajay Kumar…
- **Respondents:** Concept Bioscience…
- **Advocates:** Komal Singhi (For…; Sandeep C…; +4 more

## Timeline

- **April 1, 2022 — CIRP Init…**: Adjudicating Authority ordered the initiation of Corporate Insolvency Resolution Process…
- **April 4, 2022 — Public Announcement and…**: Public announcement was made, and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — 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/concept-biosciences-india-private-limited-1ef343d5