# In the matter of Roopam Textiles Trading Private Limited

> NCLT judgment dated 2025-04-25. Citation: TCN-2025-NCLT-00175. The Resolution Professional filed an application for the liquidation of the Corporate Debtor…

- **Court:** NCLT
- **Order date:** 25 Apr 2025
- **Citation:** TCN-2025-NCLT-00175
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roopam-textiles-trading-private-limited-0d0148d6

## Summary

### Background

The Resolution Professional filed an application for the liquidation of the Corporate Debtor after the Committee of Creditors approved the liquidation with 100% voting share, following the failure to receive any Expression of Interest during the Corporate Insolvency Resolution Process.

## Facts

Payal Agarwal, the Resolution Professional (RP) for Roopam Textiles Pvt. Ltd. (Corporate Debtor), filed an application under Section 33 and Section 34 of the Insolvency and Bankruptcy Code, 2016 (Code) seeking an order for liquidation. This application, IA (IB) No. 348/CB/2023, was filed after the Corporate Debtor's own application under Section 10 of the Code initiated the Corporate Insolvency Resolution Process (CIRP), which was admitted on July 31, 2023. The Interim Resolution Professional (IRP), Payal Agarwal, constituted the Committee of Creditors (CoC), which comprised Canara Bank as the sole Financial Creditor. In its first meeting on August 29, 2023, the CoC approved the appointment of Payal Agarwal as the RP with 100% voting. Subsequently, the RP published

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## Issues and analysis

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

**Ratio:** An application for liquidation is considered to be filed within the stipulated timelines

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**Reasoning:** The Adjudicating Authority noted that the application under Section 10 of the Code was

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**Interpretation:** The court interpreted the 'prescribed period' for filing a liquidation

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**Application:** Given that the CIRP was admitted on July 31, 2023, and the liquidation

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Payal Ag…; Resolution…
- **Respondents:** Roopam Textiles…
- **Advocates:** Jaish J…; For Applicant:…

## Timeline

- **July 31, 2023 — CIRP Admi…**: The Adjudicating Authority admitted the application under Section 10 of the Code,…
- **August 29, 2023 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, where the appointment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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