# In the matter of Rahi Shipping India Private Limited I.A. 777 OF 2022 in CP (IB) – 4227-IBC-MB-2019

> NCLT judgment dated 2022-06-16. Citation: TCN-2022-NCLT-02220. The application I.A. No. 777/2022 was filed by the Resolution Professional, Mr. Ajay Ganesh…

- **Court:** NCLT
- **Order date:** 16 Jun 2022
- **Citation:** TCN-2022-NCLT-02220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rahi-shipping-india-private-limited-ia-777-of-2022-in-cp-ib-4227-ibc-mb-2019-7e591607

## Summary

### Background

The application I.A. No. 777/2022 was filed by the Resolution Professional, Mr. Ajay Ganesh Marathe, seeking liquidation of Rahi Shipping India Private Limited, the Corporate Debtor, under Section 33(2) 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 under Section 7 of the Code filed by Syndicate Bank on 16.09.2021. The applicant was appointed as the Interim Resolution Professional and later as the Resolution Professional by the Committee of Creditors (CoC).

## Facts

On 16.09.2021, the NCLT admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Syndicate Bank, initiating the Corporate Insolvency Resolution Process (CIRP) against Rahi Shipping India Private Limited. Mr. Ajay Ganesh Marathe was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on 06.10.2021, inviting claims from the creditors. The Committee of Creditors (CoC) was formed, and in its first meeting on 27.10.2021, Mr. Marathe was unanimously appointed as the RP. In the 4th CoC meeting on 13.12.2021, the members unanimously decided to opt for the liquidation of the Corporate Debtor, as they believed it was not possible to revive the company within the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Rahi Shipping India Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) unanimously decided to liquidate the Corporate Debtor,

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** The CoC's decision to liquidate Rahi Shipping India Private Limited was based

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Ajay Ganesh…
- **Respondents:** Rahi Shipping…; Syndicate…

## Timeline

- **2021-09-16 — Admission of Section 7…**: The Tribunal admitted the petition under Section 7 of the Code filed by Syndicate Bank,…
- **2021-10-06 — Public Annou…**: A public announcement was made inviting claims…

## 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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