# In the matter of Ratandeep Infrastructure Private Limited IA No. 73-ALD-2021 in CP (IB) No. 45-ALD-2019

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04322. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ratandeep-infrastructure-private-limited-ia-no-73-ald-2021-in-cp-ib-no-45-ald-20-31b30b50

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Ratandeep Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Nitin Jain & Anr (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period expired, and an application for extension was not allowed. The Committee of Creditors (CoC) resolved that there were no possible ways for revival of the corporate debtor and recommended liquidation with 100% voting share.

## Facts

Nitin Jain & Anr, acting as Financial Creditors, initiated proceedings against Ratandeep Infrastructure Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2019-04-16, leading to the commencement of the Corporate Insolvency Resolution Process (CIRP). Alok Kumar Kuchhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period expired on 2019-10-13, and an application for extension of 90 days was rejected on 2021-01-07. During the 6th meeting of the Committee of Creditors (CoC) on 2021-01-28, it was resolved that no revival of the corporate debtor was possible, leading to a recommendation for

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ratandeep Infrastructure Private …

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

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**Reasoning:** The CoC, with a 100% voting share, resolved that there were no possible ways for the

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**Interpretation:** Section 33(1) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the CoC's decision, coupled with the absence of a resolution

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Nitin…
- **Respondents:** Ratandeep…

## Timeline

- **2019-04-16 — Initiation…**: The Adjudicating Authority admitted the petition filed by Nitin Jain & Anr, initiating…
- **2020-06-11 — RP Appoin…**: Alok Kumar Kuchhal was confirmed as the Resolution Professional (RP) by the Adjudicating…

## 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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