# In the matter of Raghuleela Infraventures Private Limited I.A. 2143 of 2022 in C.P.(IB) No. 1422-MB-2020

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04197. The case pertains to an application filed by the Resolution Professional, Ms. Sujata…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raghuleela-infraventures-private-limited-ia-2143-of-2022-in-cpib-no-1422-mb-2020-97d18fa7

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Ms. Sujata Chattopadhyay, seeking liquidation of Raghuleela Infraventures Private Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by Indiabulls Housing Finance Limited, the Financial Creditor, under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP) and subsequently named as Resolution Professional. The Corporate Debtor has only one class of assets, i.e., Securities and Financial Assets. Two valuers were appointed to determine the fair and liquidation value of these

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## Facts

Indiabulls Housing Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Raghuleela Infraventures Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 2021-10-06. Subsequently, the applicant, Ms. Sujata Chattopadhyay, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Corporate Debtor's assets were classified as Securities and Financial Assets, and two valuers were appointed to assess their fair and liquidation value. Form-G was published to invite Expression of Interest (EOI) from potential resolution applicants, but no EOI was received by the deadline. An extension of 90 days was granted for the CIRP period, which

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Raghuleela Infraventures Private …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court reasoned that no resolution plan was received, and the CoC had approved the

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**Interpretation:** Section 33(1) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, since no resolution plan was received and the CoC approved

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Raghuleela…

## Timeline

- **2020-01-01 — C.P.(IB) No. 1422/MB/202…**: The matter was initiated as…
- **2021-10-06 — Petition Ad…**: The Tribunal admitted the Petition under section 7 of the Code, filed by Indiabulls…

## 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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