# In the matter of Renaissance Eduction Pvt. Ltd.

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00145. The case involves an application (I.A. No. 1777/2020) filed by the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/renaissance-eduction-pvt-ltd-0f5befb5

## Summary

### Background

The case involves an application (I.A. No. 1777/2020) filed by the Resolution Professional, Brijendra Kumar Mishra, seeking liquidation of Renaissance Education Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Bank of Baroda. The applicant made public announcements inviting claims from creditors. The suspended directors of the Corporate Debtor filed an appeal before the NCLAT to stay and dismiss the admission order, which remains pending. The applicant discovered that the revenue generated by the Corporate Debtor was being utilized by Renaissance Education Trust, and there was no agreement between the Corporate Debtor and the

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## Facts

The Resolution Professional, Brijendra Kumar Mishra, filed an application seeking liquidation of Renaissance Education Private Limited. The CIRP was initiated based on a petition by Bank of Baroda under Section 7 of the IBC. A public announcement was made to invite claims from creditors. The suspended directors of the Corporate Debtor filed an appeal before the NCLAT to stay the CIRP admission order. The Resolution Professional discovered that the Corporate Debtor's revenue was being used by Renaissance Education Trust without a formal agreement. The Resolution Professional was unable to prepare an Information Memorandum due to lack of information. The Corporate Debtor had a net block of assets worth INR 52,705,006. The CoC unanimously decided to liquidate the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The NCLT considered the submissions made by the counsel for the applicant and the

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** The CoC's decision to liquidate Renaissance Education Private Limited, coupled

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Brijendra Kumar…
- **Respondents:** Renaissance…; Bank of B…

## Timeline

- **2020-01-10 — Admission of…**: Tribunal admitted the petition under Section…
- **2020-03-03 — Hearing of…**: Hearing of the appeal filed by the Suspended Directors of the Corporate Debtor was…

## Legal provisions

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

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