# In the matter of Krishna Premium Care Services LLP

> NCLT judgment dated 2023-09-06. Citation: TCN-2023-NCLT-01756. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 6 Sept 2023
- **Citation:** TCN-2023-NCLT-01756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/krishna-premium-care-services-llp-72dadb26

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of M/s. Krishna Premium Care Services LLP, the Corporate Debtor. The Adjudicating Authority had previously appointed an Interim Resolution Professional (IRP) who was later confirmed as the RP by the Committee of Creditors (CoC). The RP took over the books and records of the Corporate Debtor and assigned a transaction audit, which was later withdrawn due to non-cooperation from the Suspended Management. The CoC did not approve the proposal to assign the audit to another firm.

## Facts

M/s. Krishna Premium Care Services LLP is the Corporate Debtor. An application was filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation. The Adjudicating Authority appointed an IRP who was confirmed as RP by the CoC. The RP took over the Corporate Debtor's records and assigned a transaction audit, which was withdrawn due to non-cooperation from the Suspended Management. The CoC rejected the proposal to assign the audit to another firm. The Adjudicating Authority then ordered the liquidation of the Corporate Debtor and appointed Shri. P. Nagaraj Chary as the Liquidator. The order was issued on 06.09.2023.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the application filed by the Resolution

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**Interpretation:** Section 33(1)(a) provides a legal basis for initiating liquidation proceedings

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**Application:** Based on the facts presented and the provisions of Section 33(1)(a), the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** PMC YM-Pharma Pvt…
- **Respondents:** Krishna Premium…

## Timeline

- **2023-04-10 — Appointment…**: The Adjudicating Authority appointed the applicant as the Interim Resolution Professional…
- **2023-05-12 — Confirmatio…**: The IRP was confirmed as the Resolution Professional (RP) by the Committee of Creditors…

## Legal provisions

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

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