# In the matter of E-Global Trading Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01572. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-global-trading-limited-6c5b98ff

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Sekar Ananthanarayan, the Resolution Professional (RP) of E-Global Trading Limited, seeking a liquidation order. The application is based on a resolution passed by the Committee of Creditors (CoC) during its 6th meeting held on August 2, 2022. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the applicant was appointed as the Interim Resolution Professional (IRP). Public announcement was made, and claims were invited from creditors. However, due to the lockdown and the inability to contact the suspended director of the Corporate Debtor, there was no progress in the CIRP. The CoC approved the proposal to liquidate the Corporate Debtor.

## Facts

The Resolution Professional (RP) of E-Global Trading Limited filed an application seeking a liquidation order under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated in CP No. (IB)-1434 (MB)/2017, and the applicant was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and Daimler Financial Services Pvt. Ltd. filed a claim of Rs. 1,98,49,226/-. The suspended director of the Corporate Debtor, Mr. Siddharth Mandavia, stated that the company was not carrying out any operations. The RP sent emails to the Corporate Debtor requesting financial information, but due to a lack of availability of documents and information, the RP was unable to proceed with the

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional (RP) under Section 33(2) of the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Resolution

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**Reasoning:** The court considered the application and the averments made therein and found it to be a

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**Interpretation:** Section 33(2) provides a mechanism for the RP to seek liquidation when the CIRP

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**Application:** The RP filed the application based on the CoC's resolution, and the court found

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Sekar Ananthanaray…
- **Respondents:** E-Global Trading…; Daimler Financial…

## Timeline

- **2017-01-01 — CIRP Init…**: CP No. (IB)-1434 (MB)/2017…
- **2019-07-03 — Admission…**: CP No. (IB)-1434 (MB)/2017 was…

## 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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