# In the matter of Growmore Wealth Private Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01012. The case pertains to an application filed under Section 33 and Section 34(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/growmore-wealth-private-limited-59f7381b

## Summary

### Background

The case pertains to an application 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 2022-06-21 following an application by Financial Creditor Rajhans Infrabuild LLP. An Interim Resolution Professional (IRP) was appointed, who was subsequently appointed as the Resolution Professional (RP). A public announcement was issued inviting claims from creditors. The Committee of Creditors (CoC) was constituted, consisting of Rajhans Infrabuild LLP with 100% voting share. Various CoC meetings were conducted, and the CIRP period was extended. An application for non-cooperation

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## Facts

Shivkumar Madanlal Baser, the Resolution Professional (RP) of Growmore Wealth Private Limited, filed an application for the liquidation of the company under Section 33 and Section 34(1) of the Insolvency and Bankruptcy Code, 2016. Growmore Wealth Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-06-21, following an application by Financial Creditor Rajhans Infrabuild LLP. The RP issued a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with Rajhans Infrabuild LLP holding 100% voting share. Several CoC meetings were held, and the CIRP period was extended. An application for non-cooperation against the suspended management was also filed. The 6th CoC meeting resolved to liquidate

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## Issues and analysis

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

**Ratio:** Section 33 and 34(1) of the Insolvency and Bankruptcy Code, 2016, provides for the

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**Reasoning:** The CoC, consisting of Rajhans Infrabuild LLP with 100% voting share, resolved for

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**Interpretation:** Section 33 and 34(1) of the IBC allows for liquidation when the CoC determines

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**Application:** The CoC's decision to liquidate the Corporate Debtor, Growmore Wealth Private

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Shivkumar…
- **Respondents:** Growmore Wealth…; Nitin Shelke…

## Timeline

- **2022-06-21 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) following…
- **2022-07-01 — Public Annou…**: The IRP issued public announcement in Form-A in various newspapers intimating…

## 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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