# In the matter of Radiant Bizcom Private Limited I.A. 280 of 2021 in CP (IB) No. 2793 of 2019

> NCLT judgment dated 2022-12-13. Citation: TCN-2022-NCLT-00181. The case pertains to an application filed by the Resolution Professional, Mr. Arun Bagaria,…

- **Court:** NCLT
- **Order date:** 13 Dec 2022
- **Citation:** TCN-2022-NCLT-00181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radiant-bizcom-private-limited-ia-280-of-2021-in-cp-ib-no-2793-of-2019-6431a006

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. Arun Bagaria, seeking liquidation of Radiant Bizcom Private Limited, the Corporate Debtor, under Sections 33, 34, and 35 read with 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 04.11.2019 in Company Petition No. 2793 of 2019, filed by Punjab National Bank under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 04.11.2019, initiating the Corporate Insolvency Resolution Process (CIRP) against Radiant Bizcom Private Limited. Mr. Arun Bagaria was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims from creditors. During the CIRP, an attempt was made to find a resolution plan, but no eligible Expression of Interest (EOI) was received. The business of the Corporate Debtor has been shut since August 2017. The Committee of Creditors (CoC) in its 5th meeting on 15th December 2020, decided to appoint the applicant as a liquidator and approved the liquidation with 100%

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## Issues and analysis

### Issue 1: Whether the Tribunal should allow the application for liquidation of the Corporate Debtor, Radiant …

**Ratio:** The Tribunal's power of judicial review is limited in matters of commercial wisdom, and

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**Reasoning:** The Tribunal reasoned that since no resolution plan was received and the CoC approved

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, emphasizes the

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**Application:** In this case, the CoC approved the liquidation with 100% voting, and no

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Arun Ba…
- **Respondents:** Radiant Bizcom…; Punjab National…

## Timeline

- **2019-11-04 — Admission of…**: The Tribunal admitted the petition filed by Punjab National Bank under Section 7 of the…
- **2019-11-11 — Public Annou…**: A public announcement was made inviting…

## 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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