# In the matter of Radharani Exports Private Limited {IA (IBC) No. 509-JPR-2023 in CP No. (IB)-328-9-JPR-2019]

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00659. The Interim Application (IA) No. 509/JPR/2023 was filed by the Resolution Professional (RP) for…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radharani-exports-private-limited-ia-ibc-no-509-jpr-2023-in-cp-no-ib-328-9-jpr-2-312f2d46

## Summary

### Background

The Interim Application (IA) No. 509/JPR/2023 was filed by the Resolution Professional (RP) for M/s Radharani Exports Private Limited, the Corporate Debtor, under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation. The Adjudicating Authority had admitted an application filed by M/s Garg Granites Private Limited under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC). The CoC appointed Mr. Prashant Agrawal as the Resolution Professional (RP). The RP invited resolution plans but did not receive any within the prescribed time. The RP

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## Facts

M/s Garg Granites Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Radharani Exports Private Limited. The Adjudicating Authority admitted the application under Section 9 of the Insolvency and Bankruptcy Code (IBC) on 2023-04-12. Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted. The RP invited resolution plans, but no resolution plan was received within the stipulated time. The CoC, by a majority vote exceeding 66%, resolved to liquidate the Corporate Debtor. The RP filed an application under Section 33 of the IBC seeking liquidation. The RP stated that the Corporate Debtor was non-operational for

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC is maintainable in the absence …

**Ratio:** Section 33(1) of the IBC allows the Adjudicating Authority to order liquidation if no

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation proceedings

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**Application:** Since no resolution plan was received and the CoC resolved to liquidate, the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Prashant Agrawal,…
- **Respondents:** M/s Radharani…

## Timeline

- **2023-04-12 — Admission of Ap…**: The Adjudicating Authority admitted the Application filed by M/s Garg Granites Private…
- **2023-05-10 — First CoC Meeting…**: The first meeting of the CoC was held in two phases on 10.05.2023 and 15.05.2023,…

## 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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