# In the matter of OLYMPIC SPORTSWARE & EQUIPMENTS PRIVATE LIMITED

> NCLT judgment dated 2025-06-11. Citation: TCN-2025-NCLT-00724. 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-00724
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/olympic-sportsware-amp-equipments-private-limited-960cf2cd

## 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 seeks the initiation of liquidation proceedings for the Corporate Debtor.

## Facts

M/s. Olympic Sportsware & Equipments Pvt. Ltd. filed a petition under Section 10 of the IBC, 2016. The Resolution Professional claimed unpaid costs by the CoC after March 2025. The CoC decided to disburse CIRP costs up to June 2025. The CoC, in its 4th meeting held on 06.02.2025, decided to liquidate the Corporate Debtor. Mr. M.V. Sudarshan was recommended by the CoC and appointed as the Liquidator.

## Issues and analysis

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

**Ratio:** The court can dispose of an application when the issue is resolved or is in the process

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

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**Interpretation:** This implies that if the outstanding dues are being addressed, the court can

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**Application:** Since the CIRP costs were being disbursed, the court disposed of

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** M/s. Olympic…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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