# In the matter of Lord Vrindavanbihari Trading Pvt. Ltd.

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01360. The application was filed by the Resolution Professional (RP) seeking liquidation of the…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lord-vrindavanbihari-trading-pvt-ltd-22fdad59

## Summary

### Background

The application was filed by the Resolution Professional (RP) seeking liquidation of the Corporate Guarantor, Lord Vrindavanbihari Trading Pvt. Ltd., due to the impossibility of resolution. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Guarantor based on a petition filed by Bank of Baroda under section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP.

## Facts

Bank of Baroda, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Lord Vrindavanbihari Trading Pvt. Ltd., the Corporate Guarantor. The Adjudicating Authority initiated CIRP and appointed Mr. Sajjan Kumar Dokania as the IRP, later confirmed as RP. The RP filed an application seeking liquidation due to the corporate debtor's lack of turnover for the past 4 years and absence of fixed assets, making resolution impossible. The CoC, consisting solely of Bank of Baroda, recommended liquidation. The RP filed the application under section 33(2) of the Code. The IBBI circular regarding RP replacement was considered. The NCLT Principal Bench had admitted NIIL Infrastructure Pvt. Ltd. (the principal borrower) into CIRP on

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Guarantor, Lord Vrindavanbihari Trading …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for liquidation if no

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**Reasoning:** The Corporate Guarantor had no turnover for the last 4 years and no fixed assets, making

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**Interpretation:** Section 33(2) permits liquidation when resolution is not possible. The absence

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**Application:** Given the Corporate Guarantor's financial state, the application for

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Bank of B…
- **Respondents:** Lord Vrindavanbiha…; M/s Lord Vrindavan…

## Timeline

- **2018-03-28 — CIRP Admi…**: NIIL Infrastructure Pvt. Ltd. admitted…
- **2023-01-30 — Petition…**: Bank of Baroda filed a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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