# In the matter of Royal Infrasoft Private Limited

> NCLT judgment dated 2024-11-05. Citation: TCN-2024-NCLT-00305. The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-NCLT-00305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/royal-infrasoft-private-limited-9766a441

## Summary

### Background

The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Royal Infrasoft Private Limited, the Corporate Debtor, seeking the initiation of a liquidation process. The application is supported by an affidavit from the RP. The Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Infrasoft Private Limited based on a petition filed under Section 7 of the IBC by a Financial Creditor, Srei Equipment Finance Limited, and an order was passed on 2023-11-10. Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP).

## Facts

Srei Equipment Finance Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Royal Infrasoft Private Limited, the Corporate Debtor, under Section 7 of the IBC. The CIRP was initiated vide order dated 2023-11-10. Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2023-11-15, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 2023-11-28. The CoC did not approve the appointment of the IRP as the RP. The CoC resolved to liquidate the Corporate Debtor due to the absence of productive assets. The IRP filed an application under section 19(2) of the IBC, 2016, against the members of the suspended Board for non co-operation. The RP

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## Issues and analysis

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

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Committee of Creditors approved the commencement of the liquidation process with a

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**Interpretation:** Section 33(1) and (2) of the IBC provide the framework for the Adjudicating

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**Application:** The CoC approved the liquidation with 100% majority, and there are no

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** SREI Equipment…
- **Respondents:** Royal Infrasoft…
- **Advocates:** Mr.Shaunak…; Mr Sandip Kr…

## Timeline

- **2023-11-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Infrasoft…
- **2023-11-15 — Public Annou…**: Public announcement made by the IRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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