# In the matter of Innovari Technologies Pvt. Ltd. ia-1996, 3125 & 3489-2020 & CA-1138-2020 in Company Petition No. IB 569(PB)-2018

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00553. The case originates from a Company Petition (CP IB 569/ND/2018) filed by Anil Khetrapal…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innovari-technologies-pvt-ltd-ia-1996-3125-3489-2020-ca-1138-2020-in-company-pet-6ef1cceb

## Summary

### Background

The case originates from a Company Petition (CP IB 569/ND/2018) filed by Anil Khetrapal (Operational Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Innovari Technologies Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT initiated CIRP on 21.08.2019 and appointed Partha Sarathy Sarkar as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). However, no resolution of the Corporate Debtor could be achieved, and the CIRP exceeded the prescribed timelines.

## Facts

Anil Khetrapal, an Operational Creditor, filed a Company Petition (CP IB 569/ND/2018) to initiate CIRP against Innovari Technologies Private Limited. The NCLT initiated CIRP on 21.08.2019 and appointed Partha Sarathy Sarkar as IRP, later confirmed as RP. No resolution plan was achieved within the CIRP timeline. IA 3489/2020 was filed by Anil Khetrapal for removal and replacement of the RP. The IBBI, under Section 218 of the IBC, appointed an Inspecting Authority due to concerns about Mr. Sarkar's conduct. A Show Cause Notice (SCN) was issued by IBBI to Mr. Sarkar on 08.04.2022. Mr. Sarkar filed Writ Petition No.3067 of 2022 in the High Court of Bombay, challenging the SCN, but withdrew it on 20.07.2022. The Disciplinary Committee (DC) of IBBI suspended Mr. Sarkar as

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Innovari Technologies Private Limited, should be liquidated due to …

**Ratio:** Section 33 of the IBC, 2016, mandates liquidation when the Adjudicating Authority does

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**Reasoning:** The Tribunal noted that the CIRP timeline had been breached and no resolution plan was in

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**Interpretation:** Section 33 provides a clear directive for liquidation when the CIRP fails to

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**Application:** In this case, the CIRP for Innovari Technologies Private Limited failed to

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Anil Khet…
- **Respondents:** Innovari Technolog…
- **Advocates:** Rangnat…; Narendra Si…; +8 more

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition (CP IB 569/ND/2018) filed by Anil Khetrapal to initiate CIRP against…
- **2019-08-21 — CIRP Init…**: NCLT initiated CIRP against Innovari Technologies Private Limited and appointed Partha…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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