# In the matter of Hike Leather Private Limited IA No.478-2022 In CP (IB) No.205-Chd-Hry-2019

> NCLT judgment dated 2022-08-18. Citation: TCN-2022-NCLT-01331. The application was filed by the Resolution Professional of M/s Hike Leather Private Ltd, the…

- **Court:** NCLT
- **Order date:** 18 Aug 2022
- **Citation:** TCN-2022-NCLT-01331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hike-leather-private-limited-ia-no478-2022-in-cp-ib-no205-chd-hry-2019-1fad7c28

## Summary

### Background

The application was filed by the Resolution Professional of M/s Hike Leather Private Ltd, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation. The main Company Petition was filed by the Financial Creditor, Oriental Bank of Commerce (now Punjab National Bank), under Section 7 of the IBC, which was admitted on 20.02.2020. Mr. Rakesh Phull was appointed as IRP and later confirmed as Resolution Professional. The CIRP process faced challenges due to the Covid-19 pandemic, leading to an exclusion of the lockdown period. Despite efforts to find a resolution plan, the COC ultimately decided to liquidate the Corporate Debtor.

## Facts

Oriental Bank of Commerce (now Punjab National Bank) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Hike Leather Private Limited, which was admitted on 20.02.2020. Rakesh Phull was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the Covid-19 pandemic and subsequent lockdown, the CIRP process was delayed, leading to an application for exclusion of the lockdown period from 29.03.2020 to 31.07.2020, which was allowed. Despite efforts to find a resolution plan, the COC rejected the only resolution plan received on 24.01.2022 and decided to liquidate the Corporate Debtor. The COC then resolved to appoint Mr. Jatin Mehra as the liquidator on 15.03.2022.

…

## Issues and analysis

### Issue 1: Whether the conditions under Section 33 of the Insolvency and Bankruptcy Code, 2016, are satisfied …

**Ratio:** Section 33(2) of the IBC outlines the circumstances under which a liquidation order can

…

**Reasoning:** The Adjudicating Authority considered the submissions made by the Resolution Professional

…

**Interpretation:** Section 33 of the IBC provides the legal framework for initiating liquidation

…

**Application:** In this case, the COC's decision to reject the resolution plan and opt for

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Oriental Bank of…
- **Respondents:** M/s Hike Leather…
- **Advocates:** Harsh…; Pulkit…

## Timeline

- **2020-02-20 — Admission of Company…**: Company Petition filed by Oriental Bank of…
- **2020-02-20 — Appointment…**: Mr. Rakesh Phull appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/hike-leather-private-limited-ia-no478-2022-in-cp-ib-no205-chd-hry-2019-1fad7c28