# In the matter of Raghukul Cottex and Processing Pvt. Ltd. IA-733-2021 in CP (IB)-380-2019

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03476. The case involves an application filed by Mr. Shalabh Kumar Daga, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raghukul-cottex-and-processing-pvt-ltd-ia-733-2021-in-cp-ib-380-2019-6337bc8c

## Summary

### Background

The case involves an application filed by Mr. Shalabh Kumar Daga, the Resolution Professional (RP) of the corporate debtor, M/s Raghukul Cottex & Processing Pvt. Ltd., under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the corporate debtor. The Adjudicating Authority had previously admitted an application by Bank of India under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Shalabh Kumar Daga was appointed as the Interim Resolution Professional (IRP).

## Facts

Mr. Shalabh Kumar Daga, the Resolution Professional of M/s Raghukul Cottex & Processing Pvt. Ltd., filed an application for liquidation under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016. Bank of India had previously initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Raghukul Cottex & Processing Pvt. Ltd., under Section 7 of the Code, and Mr. Shalabh Kumar Daga was appointed as the Interim Resolution Professional (IRP). The Corporate Debtor had filed an appeal against the initiation of CIRP, which was dismissed by the NCLAT. The Committee of Creditors (CoC) was constituted, and several meetings were held to explore resolution plans. However, no resolution plan was forthcoming. Consequently, the CoC

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s Raghukul Cottex & …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

…

**Reasoning:** The Adjudicating Authority considered the fact that no resolution plan was forthcoming

…

**Interpretation:** Section 33 provides a clear framework for the liquidation of a corporate debtor

…

**Application:** In this case, the absence of a resolution plan, coupled with the CoC's decision

…

## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Appellants:** Shalabh Kum…
- **Respondents:** M/s Raghukul…; Bank of…

## Timeline

- **2020-12-18 — Order by Adjudicating…**: The Adjudicating Authority admitted the application filed by Bank of India under Section…
- **2020-12-29 — Appeal Filed by…**: Corporate debtor had filed the appeal on 29.12.2020 before the Hon'ble NCLAT vide Company…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raghukul-cottex-and-processing-pvt-ltd-ia-733-2021-in-cp-ib-380-2019-6337bc8c