# In the matter of Oracle Home Textile Limited

> NCLT judgment dated 2024-04-30. Citation: TCN-2024-NCLT-01514. The case pertains to an application filed by the Resolution Professional (RP) for the…

- **Court:** NCLT
- **Order date:** 30 Apr 2024
- **Citation:** TCN-2024-NCLT-01514
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oracle-home-textile-limited-4974f565

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) for the liquidation of Oracle Home Textiles Limited, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on August 9, 2018. The RP was initially appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP by the Committee of Creditors (CoC). Several expressions of interest (EOIs) were received, but only one resolution plan was submitted by M/s. Faze Three Ltd, which was subsequently rejected by the CoC. A suspended director filed an application seeking permission to submit a resolution plan, which was initially allowed but later faced challenges

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## Facts

The Corporate Debtor, Oracle Home Textiles Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on August 9, 2018. Jitendra Kumar Yadav served as the Resolution Professional (RP). Several companies expressed interest in submitting resolution plans, but only M/s. Faze Three Ltd. submitted one, which was rejected by the Committee of Creditors (CoC). A suspended director attempted to submit a resolution plan but faced issues with the Earnest Money Deposit (EMD). The CoC voted with a 99.61% majority to liquidate the Corporate Debtor. The initial 180-day CIRP period ended on February 12, 2019, and was subsequently extended. The RP filed an application for liquidation, citing the failure of resolution efforts and the CoC's decision. The CoC resolved in

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(2) of the Insolvency and …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court reasoned that since the resolution process had failed, with no approved

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**Interpretation:** Section 33(2) provides a legal basis for liquidation when resolution efforts

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**Application:** In this case, the resolution process failed, and the CoC voted for liquidation.

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## Parties

- **Judges:** Shri. Kuldip…; SHRI. ANIL RAJ…
- **Appellants:** Jitendra Kumar…
- **Respondents:** Oracle Home…; Andhra Ban…
- **Advocates:** Navee…; Smriti Sh…

## Timeline

- **2018-08-09 — CIRP Init…**: Corporate Debtor admitted into Corporate…
- **2018-10-23 — Public Announcement for…**: Public Announcement for invitation…

## 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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