# In the matter of Predicate Consultants Private Limited IA(IBC)-33(KB)2023 in CP(IB)-236(KB)2021

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02799. The case involves an application (IA(IBC)/33(KB)2023) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02799
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/predicate-consultants-private-limited-iaibc-33kb2023-in-cpib-236kb2021-1429b625

## Summary

### Background

The case involves an application (IA(IBC)/33(KB)2023) filed by the Resolution Professional (RP) of Predicate Consultants Private Limited, the Corporate Debtor, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Predicate Consultants Private Limited following a petition filed by SREI Equipment Finance Limited, the Financial Creditor. Mr. Arun Kumar Khandelia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Ritesh Agarwal due to disciplinary proceedings initiated by the IBBI against Mr. Khandelia.

## Facts

SREI Equipment Finance Limited initiated CIRP against Predicate Consultants Private Limited under Section 7 of the IBC. Mr. Arun Kumar Khandelia was initially appointed as IRP but replaced by Mr. Ritesh Agarwal due to disciplinary proceedings. Public announcements were made, and a CoC was formed. Two resolution plans were received from USB Finance Corporation Limited and Rishikesh Hire Purchase And Leasing Company Private Limited. The CoC rejected both plans during its 10th meeting on 24/12/2022. The CoC, with 100% voting share, decided to liquidate the Corporate Debtor under Section 33(2) of the IBC. The CIRP period ended on 31/12/2022. Mr. Ritesh Agarwal consented to act as the Liquidator. The Adjudicating Authority considered the CoC's decision and the absence of an

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Predicate Consultants Private …

**Ratio:** Section 33(1)(a) of the IBC mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority notes that the CoC, with 100% voting share, decided to

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if no resolution plan is

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**Application:** In this case, the CoC rejected all resolution plans and voted to liquidate the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** SREI Equipment…
- **Respondents:** Predicate…

## Timeline

- **2022-04-26 — Order for CIRP…**: The Adjudicating Authority ordered the initiation of CIRP against Predicate Consultants…
- **2022-05-25 — Appointment…**: Mr. Ritesh Agarwal was appointed as the Interim Resolution Professional (IRP), replacing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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