# In the matter of E-Global Trading Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01588. 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-01588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/e-global-trading-limited-972159f3

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by 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 in 2017. The RP was appointed as the Interim Resolution Professional (IRP) after the Tribunal admitted the case on July 3, 2019. Public announcement was made on July 6, 2019, inviting claims from creditors. The CIRP faced challenges due to the lack of cooperation from the suspended director of the Corporate Debtor, who was held up in Dubai due to lockdown. The

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## Facts

The Resolution Professional (RP) of E-Global Trading Limited filed an application seeking liquidation of the company based on the resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated in 2017. The RP was appointed as the Interim Resolution Professional (IRP) after the Tribunal admitted the case. A public announcement was made, inviting claims from creditors. Daimler Financial Services Pvt. Ltd. filed a claim of Rs. 1,98,49,226/-. The suspended director of the Corporate Debtor, Siddharth Mandavia, was present in the first CoC meeting and stated that the company was not carrying out any operations. The RP sent emails to the Corporate Debtor requesting financial information, but due to the lack of

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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 Adjudicating

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor due to the expiry of the CIRP

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a Corporate Debtor

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**Application:** In this case, the CoC approved the liquidation of the Corporate Debtor, and the

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## Parties

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

## Timeline

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

## 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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