# In the matter of Neelkanth Surgical Industries Private Limited

> NCLT judgment dated 2024-09-17. Citation: TCN-2024-NCLT-00589. The document pertains to proceedings before the National Company Law Tribunal (NCLT), Allahabad…

- **Court:** NCLT
- **Order date:** 17 Sept 2024
- **Citation:** TCN-2024-NCLT-00589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neelkanth-surgical-industries-private-limited-2e452dbe

## Summary

### Background

The document pertains to proceedings before the National Company Law Tribunal (NCLT), Allahabad Bench, regarding the insolvency resolution process of a corporate debtor. IA No.398/2020 was filed seeking liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) initially did not wish to act as the liquidator. IA No.663/2023 sought the deletion of a prayer clause related to the Committee of Creditors (CoC) paying the CIRP cost. IA No.664/2023 sought directions for payment of the CIRP cost to the RP by the CoC.

## Facts

The National Company Law Tribunal (NCLT), Allahabad Bench, is dealing with the insolvency resolution process of a corporate debtor. IA No.398/2020 seeks the liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP), Mr. Shravan Kumar Vishnoi, initially expressed his unwillingness to act as the liquidator. The Committee of Creditors (CoC) approved the liquidation process with a 100% vote share. IA No.663/2023 was filed seeking the deletion of a prayer clause related to the CoC paying the CIRP cost. IA No.664/2023 seeks directions for payment of the CIRP cost to the RP by the CoC. The RP also pointed out that one PUFE application has been filed, which is stated to be under scrutiny/ defect.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** Section 33(2) of the IBC allows for the initiation of liquidation proceedings when the

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**Reasoning:** The CoC approved the liquidation process with a 100% vote share, indicating their

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC,

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**Application:** Since the CoC approved the liquidation with a 100% vote share, the NCLT allowed

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** INDIAN EDUCATORS…

## Timeline

- **2020-11-30 — Order Da…**: An order was passed by the Adjudicating Authority, pursuant to which the RP/Liquidator…
- **2020-08-18 — CoC Meet…**: Meeting of the Committee of Creditors (CoC) held to discuss and approve the liquidation…

## 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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