# In the matter of RAGHUVANSHI INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2024-04-29. Citation: TCN-2024-NCLT-01531. The application was filed under Sections 33(2) and 34 of the 2016 Act, seeking the liquidation…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raghuvanshi-industries-private-limited-0cdcb485

## Summary

### Background

The application was filed under Sections 33(2) and 34 of the 2016 Act, seeking the liquidation of the corporate debtor, Raghuvanshi Industries Private Limited, and the appointment of the liquidator. The CIRP was ordered on 19.09.2023 under Section 9 of the IBC, 2016. Public announcement was made in newspapers on 27.09.2023, and a CoC was formed. The first CoC meeting was held on 25.10.2023, but no resolutions were passed except for the publication of Form-G and approval of the evaluation of the matrix. The CoC was reconstituted with P N Traders as the sole financial creditor. The 2nd CoC meeting was held on 13.12.2023, whereat all creditors were present. The CoC took note of the public announcement in Form-G published on 20.11.2023. The CoC did not vote on any

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## Facts

Shree N.H. Enterprises filed an application under Section 9 of the IBC, 2016, seeking the liquidation of Raghuvanshi Industries Private Limited. The CIRP was initiated on 19.09.2023. Public announcements were made on 27.09.2023. The CoC was formed, consisting of two operational creditors: Shree N H Enterprises and Assistant Commissioner of State Tax – Gujarat. Later, the CoC was reconstituted with P N Traders as the sole financial creditor. The CoC decided not to conduct a transaction audit. The 6th CoC meeting was held on 21.03.2024, where a resolution for liquidation was passed with 79% voting share. The CIRP period ended on 23.03.2024. The IBBI recommended appointing an IP other than the RP/IRP as liquidator. The Adjudicating Authority considered these facts and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Raghuvanshi Industries Private …

**Ratio:** Section 33(2) of the Code allows for the liquidation of a corporate debtor when the CoC

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**Reasoning:** The CoC, with 79% voting share, approved the liquidation of the corporate debtor. No

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC,

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**Application:** The CoC's approval with 79% voting share, coupled with the lack of interest

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Shree N.H.Enterpri…
- **Respondents:** Raghuvanshi…; Raghuvanshi…

## Timeline

- **2023-09-19 — CIRP Ord…**: CIRP was ordered by the Bench in…
- **2023-09-27 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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