# In the matter of Deltronix India Ltd. IA-1700, 3629,4495-2021 & IA-1390, 2379-2022 in (IB)-2963(ND)2019

> NCLT judgment dated 2022-10-18. Citation: TCN-2022-NCLT-00691. The case involves an application (IA-1390/2022) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 18 Oct 2022
- **Citation:** TCN-2022-NCLT-00691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deltronix-india-ltd-ia-1700-36294495-2021-ia-1390-2379-2022-in-ib-2963nd2019-9b7e0e2f

## Summary

### Background

The case involves an application (IA-1390/2022) filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order to initiate the liquidation process of the Corporate Debtor and to appoint the present RP as the Liquidator. The CoC in its 10th meeting held on 14.02.2022 had resolved to liquidate the Corporate Debtor with a voting share of 97.44%. The CoC also resolved to appoint Ms. Sunita Umesh as Liquidator of the Corporate Debtor.

## Facts

The Resolution Professional (RP) filed an application (IA-1390/2022) under Section 33(2) of the IBC, 2016, seeking initiation of the liquidation process for the Corporate Debtor. The Committee of Creditors (CoC) had resolved in its 10th meeting on 14.02.2022 to liquidate the Corporate Debtor with a voting share of 97.44%. The CoC also resolved to appoint Ms. Sunita Umesh as the Liquidator. The RP submitted that he has been engaged recently and has already filed his Vakalatnama. Another application (IA-1700/2021) was filed by the RP under Section 19(2) of IBC, 2016, regarding the filing of an affidavit by the Suspended Board of Directors. Two more applications (IA-3629/2021, IA-4495/2021) were filed by the RP under Section 17(2) of IBC, 2016, seeking exemption from

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## Issues and analysis

### Issue 1: Whether the application for initiating the liquidation process of the Corporate Debtor under …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass an order for

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**Reasoning:** The court considered the resolution passed by the CoC with a voting share of 97.44% in

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**Interpretation:** Section 33(2) of the IBC, 2016, is interpreted to mean that if the CoC resolves

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**Application:** In this case, the CoC had resolved to liquidate the Corporate Debtor with a

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## Parties

- **Judges:** BACHU VENKAT…; L. N. G…
- **Appellants:** Tarun K…
- **Respondents:** Deltronix India…; M/s. Deltronix…

## Timeline

- **2022-02-14 — CoC Meet…**: The CoC in its 10th meeting resolved to liquidate the Corporate Debtor with a voting…
- **2022-05-12 — Order Da…**: Order directing the Suspended Board of Directors to file the affidavit regarding 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)

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