# In the matter of Rajprotim Agencies Private Limited IA(I.B.C) 357-KB-2023 in C.P (I.B) 97-KB-2020

> NCLT judgment dated 2023-06-22. Citation: TCN-2023-NCLT-02846. The case involves an application (IA (IBC)/357(KB)2023) filed under section 33(1)(a) of the…

- **Court:** NCLT
- **Order date:** 22 Jun 2023
- **Citation:** TCN-2023-NCLT-02846
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rajprotim-agencies-private-limited-iaibc-357-kb-2023-in-cp-ib-97-kb-2020-658f9b9d

## Summary

### Background

The case involves an application (IA (IBC)/357(KB)2023) filed under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Rajprotim Agencies Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The application is supported by an affidavit affirmed by Mr. Pratim Bayal, the RP. The Corporate Insolvency Resolution Process (CIRP) was initiated against Rajprotim Agencies Private Limited based on a petition filed under section 9 of the IBC by Jyoti Maheshwari, an Operational Creditor. Mr. Sandip Mitra was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Pratim Bayal.

## Facts

Jyoti Maheshwari, an Operational Creditor, initiated CIRP against Rajprotim Agencies Private Limited under Section 9 of the IBC. The CIRP was initiated via an order dated 2022-01-12. Sandip Mitra was initially appointed as the IRP but was later replaced by Pratim Bayal. The CoC approved the replacement of the IRP with 84% voting share on 2022-03-15. Extensions were granted to the CIRP period, including 90 days beyond the initial 180 days and an exclusion of 121 days from 2022-04-19 to 2022-08-18. The CIRP period of 270 days ended on 2023-02-07. Two expressions of interest (Eols) were received following the publication of Form G, but no resolution plan was submitted. The CoC, in its 13th meeting on 2023-01-30, resolved to initiate liquidation proceedings with 73.1%

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Rajprotim Agencies Private …

**Ratio:** Section 33(1)(a) of the IBC mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority considered that no resolution plan was received despite

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**Interpretation:** Section 33 of the IBC provides a clear framework for initiating liquidation

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

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Respondents:** Rajprotim…; Jyoti Mah…
- **Advocates:** Rishv Ban…; Rajarshi Ba…; +6 more

## Timeline

- **2022-01-12 — CIRP Init…**: Order issued for initiation of CIRP…
- **2022-03-15 — CoC Approval for RP…**: CoC approved replacement of IRP with Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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