# In the matter of Narendra Solvex Private Limited IA No. 2292-MB-IV-2022 in CP (IB) No.3212-MB-IV-2019

> NCLT judgment dated 2023-01-27. Citation: TCN-2023-NCLT-04867. The case involves an application filed by the Resolution Professional, Mr. Narendra Kumar,…

- **Court:** NCLT
- **Order date:** 27 Jan 2023
- **Citation:** TCN-2023-NCLT-04867
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/narendra-solvex-private-limited-ia-no-2292-mb-iv-2022-in-cp-ib-no3212-mb-iv-2019-df2fc677

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Narendra Kumar, seeking liquidation of Narendra Solvex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Narendra Solvex Private Limited following a petition filed by UCO Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) made public announcements and constituted a Committee of Creditors (COC). The COC rejected the only resolution plan received, and the CIRP period expired. Consequently, the applicant sought liquidation under Section 33(1) of the IBC.

## Facts

On 16.09.2021, the NCLT admitted a petition filed by UCO Bank under Section 7 of the IBC, initiating CIRP against Narendra Solvex Private Limited. Mr. Narendra Kumar was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted a Committee of Creditors (COC) comprising six banks on 21.10.2021. The COC filed a report on 26.10.2021. Two Expressions of Interest (EOI) were received, with a submission deadline of 07.03.2022, later extended to 22.03.2022. Only one resolution plan was received from M/s Ramdeo Pulses & Amit Babaria (in consortium). An application for extension of the CIRP period was allowed, extending it by 90 days from 06.04.2022. In the 11th COC meeting, the resolution plan was rejected as it failed to

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Narendra Solvex Private Limited under Section 33(1) of …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 stipulates that where the

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**Reasoning:** The COC rejected the only resolution plan before it, and the extended period of 270 days

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**Interpretation:** Section 33(1) mandates liquidation if no resolution plan is approved within the

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**Application:** In this case, the COC's rejection of the resolution plan and the expiration of

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Narendra…
- **Respondents:** Narendra Solvex…; UCO B…

## Timeline

- **2021-09-16 — CIRP Init…**: NCLT admitted the petition filed by UCO Bank under Section 7 of the IBC, initiating CIRP…
- **2021-10-21 — COC Form…**: Committee of Creditors (COC) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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