# In the matter of Growmore Wealth Private Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01023. The application was filed under Section 33 and Section 34(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/growmore-wealth-private-limited-52be71a8

## Summary

### Background

The application was filed under Section 33 and Section 34(1) of the Insolvency and Bankruptcy Code, 2016 for the liquidation of the corporate debtor, Growmore Wealth Private Limited. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on June 21, 2022, based on an application by the financial creditor M/s. Rajhans Infrabuild LLP. The Committee of Creditors (CoC) resolved to liquidate the corporate debtor as a going concern due to the absence of any viable revival proposals.

## Facts

The application was filed under Section 33 and Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the corporate debtor, Growmore Wealth Private Limited. The corporate debtor had previously been admitted into the Corporate Insolvency Resolution Process (CIRP) on June 21, 2022, following an application by the financial creditor, M/s. Rajhans Infrabuild LLP. Shivkumar Madanlal Baser was initially appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). The IRP issued a public announcement in Form-A on July 1, 2022, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with Rajhans Infrabuild LLP holding a 100% voting share. Various CoC meetings were held, and

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Growmore Wealth Private Limited, should be liquidated under the …

**Ratio:** The NCLT allowed the application for liquidation, finding that the facts and

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**Reasoning:** The Committee of Creditors (CoC), with 100% voting share, resolved to liquidate the

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**Interpretation:** The court interpreted Section 33(2) and Section 34(1) of the IBC, along with

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**Application:** Given the CoC's resolution and the failure to receive any Expression of

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Shivkumar…; Shivkumar…
- **Respondents:** Growmore Wealth…; Nitin Shelke…; +5 more
- **Advocates:** Nipun Si…; Rahul Bh…; +8 more

## Timeline

- **June 21, 2022 — CIRP Commen…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) based on an…
- **July 1, 2022 — Public Annou…**: Interim Resolution Professional (IRP) issued public announcement in Form-A inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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