# In the matter of Reliable Finance Corpn Private Limited I.A. 4524-2022 in Company Petition No. (IB) - 654 (ND)-2022

> NCLT judgment dated 2022-11-15. Citation: TCN-2022-NCLT-00446. The case involves an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 15 Nov 2022
- **Citation:** TCN-2022-NCLT-00446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliable-finance-corpn-private-limited-ia-4524-2022-in-company-petition-no-ib-65-7fcdb5ac

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Reliable Finance Corpn Private Limited. The Financial Creditor, M/s. Sital Leasing and Finance Limited, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 04.07.2022, leading to the commencement of CIRP. Mohd. Nazim Khan was initially appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Sital Leasing and Finance Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Reliable Finance Corpn Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 04.07.2022, initiating CIRP. Mohd. Nazim Khan was appointed as the Interim Resolution Professional (IRP). The IRP issued public announcements and constituted the Committee of Creditors (CoC). The IRP expressed unwillingness to continue as IRP, and Mr. Satyendra Sharma was proposed as the Resolution Professional. The CoC approved the appointment of Mr. Satyendra Sharma. The Financial Creditor informed that the major assets of the Corporate Debtor were unquoted

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Reliable Finance Corpn …

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

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**Reasoning:** The Committee of Creditors (CoC) unanimously approved the liquidation of the Corporate

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** The CoC's unanimous decision to liquidate the Corporate Debtor, coupled with

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Respondents:** M/s. Reliable…

## Timeline

- **2022-07-04 — Admission of Section 7…**: The Tribunal admitted the application filed by M/s. Sital Leasing and Finance Limited…
- **2022-07-07 — Public Annou…**: The IRP issued a public announcement in Form-A, published in Financial Express (English)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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