# In the matter of NDT Trade House Private Limited IA No. 135 & 1593-2022 in CP (IB) No. 110-Chd-Hry-2019

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04647. The case involves IA No. 1593/2022 and IA No. 135/2022 in CP (IB) No. 110/Chd/Hry/2019. The…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04647
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ndt-trade-house-private-limited-ia-no-135-1593-2022-in-cp-ib-no-110-chd-hry-2019-6b850bd5

## Summary

### Background

The case involves IA No. 1593/2022 and IA No. 135/2022 in CP (IB) No. 110/Chd/Hry/2019. The initial petition under Section 7 of IBC, 2016, was filed by Corporation Bank (later Union Bank of India) against NDT Trade House Private Limited, the Corporate Debtor. This petition was admitted on 2021-12-21, and an Interim Resolution Professional (IRP) was appointed. The IRP initiated the Corporate Insolvency Resolution Process (CIRP) and made public announcements to invite claims. A Committee of Creditors (CoC) was formed, consisting solely of Union Bank of India. Despite multiple attempts to solicit resolution plans, none were received. Consequently, the CoC resolved to liquidate the Corporate Debtor. IA No. 1593/2022 was filed for the liquidation order, and IA No. 135/2022

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## Facts

Corporation Bank (later Union Bank of India) initiated Corporate Insolvency Resolution Process (CIRP) against NDT Trade House Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2021-12-21. Arjun Gajwani was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting solely of Union Bank of India, with a claim of Rs. 9,84,70,215/-. Despite efforts to solicit resolution plans, including publishing Form G and granting extensions, no resolution plan was received. The CoC then resolved to liquidate the Corporate Debtor in its 8th meeting held on 2022-08-23. Arjun Gajwani

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, NDT Trade House Private Limited, should be liquidated under Section …

**Ratio:** Section 33(1) of the IBC, 2016, provides that where the Adjudicating Authority does not

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**Reasoning:** The Adjudicating Authority observed that despite multiple attempts and extensions, no

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**Interpretation:** Section 33(1) of the IBC mandates liquidation when no resolution plan is

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**Application:** In this case, the absence of a resolution plan and the CoC's decision to

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Corporatio…
- **Respondents:** NDT Trade House…
- **Advocates:** Sunder K…

## Timeline

- **2019-01-01 — CP (IB) No. 110/Chd/Hry/…**: Corporate Insolvency…
- **2021-12-21 — Admission of…**: Petition under Section 7 of IBC filed by Union Bank of India (erstwhile Corporation Bank)…

## 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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