# In the matter of Ravi Electronics Pvt. Ltd

> NCLT judgment dated 2024-11-05. Citation: TCN-2024-NCLT-00308. The case pertains to an application filed by the Resolution Professional of Ravi Electronics…

- **Court:** NCLT
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-NCLT-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ravi-electronics-pvt-ltd-1490c76c

## Summary

### Background

The case pertains to an application filed by the Resolution Professional of Ravi Electronics Private Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The corporate debtor had guaranteed a loan taken by M/s Instruments Techniques Private Limited from Catholic Syrian Bank Ltd, offering their property in Kukatpally, Hyderabad, as collateral security. The loan account was later assigned to Pegasus Asset Reconstruction Private Limited (ARC) after becoming NPA. The corporate debtor's primary income source was rental income from the premises. The CIRP was initiated after Pegasus Reconstruction Private Limited filed a petition under Section 7 of the IBC, which was admitted on 2024-04-15.

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## Facts

Ravi Electronics Private Limited (Corporate Debtor) guaranteed a loan for M/s Instruments Techniques Private Limited from Catholic Syrian Bank Ltd on 2012-03-28, offering property in Kukatpally, Hyderabad, as collateral. The loan was later assigned to Pegasus Asset Reconstruction Private Limited (Financial Creditor) after becoming a Non-Performing Asset (NPA). The Corporate Debtor's primary income was rental income. Pegasus Assets Reconstruction Private Limited filed a petition under Section 7 of the IBC, which was admitted on 2024-04-15, initiating the Corporate Insolvency Resolution Process (CIRP). S. Kasthuri Rangan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2024-04-20. The Committee of Creditors (CoC),

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The court reasoned that since the CoC, with 100% voting share, resolved to liquidate the

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the CoC, consisting of the sole financial creditor Pegasus Assets

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Ravi Electronics…

## Timeline

- **2012-03-28 — Loan Guar…**: Ravi Electronics Private Limited guaranteed a loan for M/s Instruments Techniques Private…
- **2024-04-15 — CIRP Init…**: The petition filed by Pegasus Reconstruction Private Limited under Section 7 of the IBC…

## 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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