# In the matter of Han UL Technologies Private Limited I.A. 1436 of 2022 in CP (IB) - 404-IBC-MB-2018

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-02336. The case pertains to an application (I.A. No. 1436/2022) filed by the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-02336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/han-ul-technologies-private-limited-ia-1436-of-2022-in-cp-ib-404-ibc-mb-2018-08498780

## Summary

### Background

The case pertains to an application (I.A. No. 1436/2022) filed by the Resolution Professional, Ms. Kiran Martin Golla, seeking liquidation of Han UI Technologies Private Limited (the Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mrs. Jeena Agarwal was initially appointed as the Interim Resolution Professional (IRP). A public announcement was made inviting claims from the creditors. In the first meeting of the Committee of Creditors (CoC), the IRP was removed, and Ms. Kiran Martin Golla was appointed as the Resolution Professional. The CoC decided to opt for liquidation of the Corporate Debtor with 67.18% voting share and appointed the

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## Facts

The Resolution Professional, Ms. Kiran Martin Golla, filed an application seeking liquidation of Han UI Technologies Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mrs. Jeena Agarwal was initially appointed as the Interim Resolution Professional (IRP). A public announcement was made inviting claims from the creditors. In the first meeting of the Committee of Creditors (CoC), the IRP was removed, and Ms. Kiran Martin Golla was appointed as the Resolution Professional. The CoC decided to opt for liquidation of the Corporate Debtor with 67.18% voting share and appointed the Applicant as the Liquidator. The CoC determined that no resolution

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Han UI Technologies Private …

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

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**Reasoning:** The Committee of Creditors (CoC) voted with a 67.18% majority to liquidate the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The CoC's decision to liquidate the Corporate Debtor, based on the absence of a

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Power Saver…
- **Respondents:** Han Ul Technologie…; Han Ul Technologie…
- **Advocates:** Yash Jar…

## Timeline

- **2018-11-05 — Admission of…**: Tribunal admitted the petition under Section 7 of the Code, filed by Power Saver…
- **2018-12-13 — Public Annou…**: Public announcement was made inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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