# In the matter of OLYMPIC SPORTSWARE & EQUIPMENTS PRIVATE LIMITED

> NCLT judgment dated 2025-06-11. Citation: TCN-2025-NCLT-00730. The case involves I.A.Nos.746 and 771 of 2023 in C.P. (IB)No.31/BB/2022 before the National…

- **Court:** NCLT
- **Order date:** 11 Jun 2025
- **Citation:** TCN-2025-NCLT-00730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/olympic-sportsware-amp-equipments-private-limited-758fb2e0

## Summary

### Background

The case involves I.A.Nos.746 and 771 of 2023 in C.P. (IB)No.31/BB/2022 before the National Company Law Tribunal, Bengaluru Bench. I.A.No.746/2023 concerns the Resolution Professional's claim regarding unpaid costs by the Committee of Creditors (CoC) after March 2025. I.A.No.771/2023 pertains to the initiation of liquidation proceedings for the Corporate Debtor.

## Facts

M/s. Olympic Sportsware & Equipments Pvt. Ltd. is the petitioner in the case. The Resolution Professional claimed to have received costs only up to March 2025, with the CoC failing to make subsequent payments. The CoC, in its 4th meeting held on 06.02.2025, decided to take the Corporate Debtor for liquidation. Mr. M.V. Sudarshan was recommended by the CoC and appointed as the liquidator.

## Issues and analysis

### Issue 1: Whether the I.A.No.746/2023 regarding the unpaid costs to the Resolution Professional should be …

**Ratio:** The court has the power to oversee the CIRP process and ensure that costs are

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**Reasoning:** The court noted that the concerned financial creditor had taken a decision, and the CIRP

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**Interpretation:** The court interpreted the progress in disbursing the CIRP costs as a positive

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**Application:** Given the information that the CIRP costs were being disbursed, the court

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Respondents:** Hemanth…

## Timeline

- **2025-02-06 — CoC Meet…**: The CoC held its 4th meeting and decided to…
- **2025-06-01 — CIRP Cos…**: CIRP costs up to June 2025 are in…

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