# In the matter of Eagle Corporation Private Limited IA NO. 853 OF 2021 in Company Petition No. (IB)-44-(AHM)-2018

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03473. The case involves an application filed under Section 33(2) and 34(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eagle-corporation-private-limited-ia-no-853-of-2021-in-company-petition-no-ib-44-60fdc572

## Summary

### Background

The case involves an application filed under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation of the Corporate Debtor, Eagle Corporation Private Limited. The CIRP was initiated following an application by an Operational Creditor, VE Commercial Vehicles Limited, under Section 9 of the Code. The CIRP faced irregularities and trust deficits between the Committee of Creditors (CoC) and the Resolution Professional (RP). Several CoC meetings were held to address issues such as the appointment of valuers, forensic auditors, and the extension of the CIRP period. The RP was eventually changed, and the new RP filed an application for the exclusion of certain time periods from the CIRP timeline due to pending litigation and

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## Facts

VE Commercial Vehicles Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Eagle Corporation Private Limited. The application was admitted on 2019-10-15. Mr. Sunil Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2019-10-17, with a deadline of 2019-10-31 for creditors to submit claims. A Committee of Creditors (CoC) was formed. The first CoC meeting was held on 2019-11-13. There was a trust deficit between the CoC and the RP. The RP convened a 6th meeting on 2020-07-18, resolving to extend the CIRP period and change the RP. The Adjudicating Authority appointed a new RP on 2020-09-08. The applicant

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Eagle Corporation Private Limited, …

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

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**Reasoning:** The Adjudicating Authority considered the fact that the Committee of Creditors had

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**Interpretation:** Section 33(2) provides a clear mechanism for the liquidation of a corporate

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**Application:** In this case, the CoC had resolved to liquidate Eagle Corporation Private

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## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Appellants:** Dhaval Jitendrakum…
- **Respondents:** Eagle Corporation…; Kiran…

## Timeline

- **2019-10-15 — CIRP Init…**: Application under Section 9 of IBC admitted…
- **2019-10-17 — Public Annou…**: IRP made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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