# In the matter of Essenzaa Lifescience Limited

> NCLT judgment dated 2025-01-17. Citation: TCN-2025-NCLT-00611. The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Jan 2025
- **Citation:** TCN-2025-NCLT-00611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/essenzaa-lifescience-limited-1eb35aa9

## Summary

### Background

The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of Essenzaa Lifescience Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Bank of India under Section 7 of the Code. Despite efforts to find a resolution plan, including multiple invitations for Expression of Interest (EoI), no viable plan was received. The Committee of Creditors (CoC) resolved to proceed with liquidation.

## Facts

Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Essenzaa Lifescience Limited. The CIRP commenced on 2023-11-10. Rajkumar Shamlal Jaiswal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was issued on 2023-11-12, inviting creditors to submit their claims, with a deadline of 2023-11-24. The admitted claims amounted to Rs. 5,51,61,332.93 from Bank of India. The Committee of Creditors (CoC), comprised solely of Bank of India, resolved to appoint the IRP as the RP. Multiple attempts to solicit resolution plans, including re-publication of the Expression of Interest

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(1)(a) of the Insolvency and Bankruptcy …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

…

**Reasoning:** The court reasoned that the Corporate Debtor was not operating as a going concern, had no

…

**Interpretation:** Section 33(1)(a) provides the Adjudicating Authority with the power to order

…

**Application:** Given the facts that no resolution plan was received, the Corporate Debtor was

…

## Parties

- **Judges:** Charanjeet Singh…; LAKSHMI G…
- **Appellants:** Rajkumar Shamlal…
- **Respondents:** Essenzaa Lifescien…

## Timeline

- **2023-11-10 — CIRP Commencem…**: Corporate Insolvency Resolution Process (CIRP) commenced for Essenzaa Lifescience Limited…
- **2023-11-12 — Public Annou…**: Public announcement issued in Form –A, inviting…

## 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)

---

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/essenzaa-lifescience-limited-1eb35aa9