# In the matter of Ramakrishna Homeo Pharmaceuticals Private Limited

> NCLT judgment dated 2024-10-17. Citation: TCN-2024-NCLT-00402. The case involves an application (IA No.18/HDB/2024) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 17 Oct 2024
- **Citation:** TCN-2024-NCLT-00402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramakrishna-homeo-pharmaceuticals-private-limited-4c6cf0ad

## Summary

### Background

The case involves an application (IA No.18/HDB/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Ramakrishna Homeo Pharmaceuticals Private Limited. The CIRP was initiated based on a petition (CP(IB) No.194/7/HDB/2023) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was initially constituted and later reconstituted due to additional claims received from financial creditors.

## Facts

The Corporate Debtor, Ramakrishna Homeo Pharmaceuticals Private Limited, was admitted into CIRP based on a petition filed under Section 7 of the IBC. Mr. Maligi Madhusudhana Reddy was appointed as the IRP and later confirmed as the RP. The initial CoC was formed, and later reconstituted due to additional claims. A major creditor, Mr. Md. Usman, holding 70.36% voting rights, did not participate in key CoC meetings and electronic voting. This resulted in a deadlock, preventing the approval of resolutions, including liquidation. The RP filed applications seeking directions and extension of the CIRP period. The court noted that the realizable properties of the corporate debtor were insufficient to cover the cost of liquidation. The CoC included Carbonzero Eco Projects Pvt

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Ramakrishna Homeo Pharmaceuticals Private Limited, should be …

**Ratio:** The legal principle applied is that if the CIRP is deadlocked due to the non-cooperation

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**Reasoning:** The court reasoned that the non-participation of Mr. Md. Usman, holding 70.36% voting

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**Interpretation:** This issue involves the interpretation of the IBC provisions related to the

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**Application:** In this specific case, the court applied the principle by recognizing that the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Carbonzero Eco…
- **Respondents:** Ramakrishna Homeo…; Ramakrishna Homeo…

## Timeline

- **2023-07-01 — Company Petiti…**: Company Petition…
- **2024-01-10 — CIRP Admi…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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