# In the matter of Krishna Kraftex Pvt. Ltd. IA-4785-2021 in (IB)-78(ND)-2017

> NCLT judgment dated 2022-11-15. Citation: TCN-2022-NCLT-00455. The case involves an application (IA-4785/2021) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 15 Nov 2022
- **Citation:** TCN-2022-NCLT-00455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/krishna-kraftex-pvt-ltd-ia-4785-2021-in-ib-78nd-2017-9500ea79

## Summary

### Background

The case involves an application (IA-4785/2021) filed by the Resolution Professional (RP) seeking an order for the liquidation of M/s. Krishna Kraftex Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant has filed the voting sheet dated 27.01.2020 vide affidavit dated 19.09.2022.

## Facts

M/s. Krishna Kraftex Pvt. Ltd. is undergoing corporate insolvency resolution process under the IBC, 2016. The Resolution Professional (RP) filed an application (IA-4785/2021) seeking an order for liquidation under Section 33 of the IBC. The applicant filed a voting sheet dated 27.01.2020, supported by an affidavit dated 19.09.2022. Resolution No. 1, concerning the liquidation of the Corporate Debtor, was passed with a 100% majority by the CoC in a meeting held on 27.01.2020. The last order was dated 16.09.2022. The averments made in the application and submissions by the counsel were considered by the court.

## Issues and analysis

### Issue 1: Whether the application filed by the RP for …

**Ratio:** Section 33 of the IBC, 2016 allows for the liquidation of a corporate debtor if the CoC

…

**Reasoning:** The court noted that Resolution No. 1 for the liquidation of the Corporate Debtor was

…

**Interpretation:** Section 33 of IBC is interpreted to mean that if the CoC approves liquidation

…

**Application:** Since the CoC approved the liquidation with a 100% majority, the court allowed

…

## Parties

- **Judges:** SHRI. BACHU…; Shri. L. N.…
- **Appellants:** M/s. Krishna…
- **Respondents:** Krishna Kraftex…

## Timeline

- **2020-01-27 — Voting Shee…**: The applicant filed the…
- **2020-01-27 — CoC Meet…**: CoC meeting held where Resolution No. 1 for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

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/krishna-kraftex-pvt-ltd-ia-4785-2021-in-ib-78nd-2017-9500ea79