# In the matter of Nandlal Kamal Kishore Vyapaar Private Limited

> NCLT judgment dated 2023-08-10. Citation: TCN-2023-NCLT-02099. The case involves an application (IA(IBC)/795(KB)2021) filed under section 33(2) of the…

- **Court:** NCLT
- **Order date:** 10 Aug 2023
- **Citation:** TCN-2023-NCLT-02099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nandlal-kamal-kishore-vyapaar-private-limited-9e7887be

## Summary

### Background

The case involves an application (IA(IBC)/795(KB)2021) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP) of Nandlal Kamal Kishore Vyapaar Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The CIRP was initiated based on a petition filed by Onemax Yarn Merchants Private Limited, the Financial Creditor. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC approved the initiation of liquidation process as no resolution plan was received even after multiple attempts to invite Expression of Interest (Eol).

## Facts

Onemax Yarn Merchants Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Nandlal Kamal Kishore Vyapaar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 02/02/2021. Mr. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was duly constituted. Multiple CoC meetings were held. Despite repeated invitations for Expression of Interest (Eol), no resolution plan was received. The CoC, with a majority of 97.52% voting share, resolved to liquidate the Corporate Debtor. The CIRP period ended on 31/08/2021.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Nandlal Kamal Kishore Vyapaar …

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The court reasoned that since no resolution plan was received within the CIRP period and

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if no resolution plan is

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**Application:** In this case, the Corporate Debtor failed to attract any resolution plan

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Onemax Yarn…
- **Respondents:** Nandlal Kamal…

## Timeline

- **2021-02-02 — Initiation…**: CIRP initiated against Nandlal Kamal Kishore Vyapaar Private Limited based on a petition…
- **2021-02-05 — Public Annou…**: Public announcement made in 'Financial Express' and 'Aajkal' inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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