# In the matter of Harihar International Private Limited

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02222. The case involves an application IA(IBC)/579(KB)2023 filed under section 33(2) of the…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/harihar-international-private-limited-07b8fe3d

## Summary

### Background

The case involves an application IA(IBC)/579(KB)2023 filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Interim Resolution Professional (IRP) of Harihar International Private Limited, the Corporate Debtor, seeking liquidation. The CIRP was initiated against Harihar International Private Limited based on a petition filed by RASPL Industries Private Limited, the Operational Creditor, under section 9 of the IBC. The Adjudicating Authority had ordered the initiation of CIRP against the Corporate Debtor on 31/08/2022. Public announcements were made inviting claims from creditors, and only two operational creditors filed their claims: Assistant Commissioner, CGST & CX, Division – V, Jamshedpur and RASPL Industries Private Limited. A

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## Facts

RASPL Industries Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Harihar International Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 31/08/2022. Meera Prasad was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and only two operational creditors, including RASPL Industries Private Limited and Assistant Commissioner, CGST & CX, Division – V, Jamshedpur, filed claims. The Committee of Creditors (CoC) was formed with these two creditors. The CoC did not take substantial decisions in the initial meetings due to the inability of one creditor to obtain instructions. The CoC later decided to liquidate the

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## Issues and analysis

### Issue 1: Whether the application filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 for …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The CoC, with a 94.68% voting share, resolved to liquidate the Corporate Debtor. The IRP

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC, acting in

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**Application:** In this case, the CoC approved the liquidation with a 94.68% voting share,

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** HARIHAR INTERNATIO…; RASPL Industries…
- **Advocates:** Rachit La…; Siddhanth…; +2 more

## Timeline

- **2022-08-31 — CIRP Init…**: Adjudicating Authority ordered initiation of CIRP against Harihar International Private…
- **2022-09-03 — Public Annou…**: Public announcement made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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