# In the matter of RSJ Developers Pvt. Ltd. IB-1017-ND-2020

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-02862. The application was filed under Section 33(2) of the IB Code, 2016, seeking the initiation of…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rsj-developers-pvt-ltd-ib-1017-nd-2020-048e9545

## Summary

### Background

The application was filed under Section 33(2) of the IB Code, 2016, seeking the initiation of liquidation proceedings for the Corporate Debtor. The Resolution Professional (RP) appeared and submitted that the Committee of Creditors (CoC) in its meeting held on March 11, 2022, recommended with a 90.51% voting share to commence liquidation proceedings against the Corporate Debtor. The RP's counsel filed the minutes of the CoC meeting. The CoC also recommended Resolution Professional Sh. Puneet Sakhuja as liquidator.

## Facts

M/s. A One Greenfield Pvt. Ltd. filed an application seeking the initiation of liquidation proceedings against the Corporate Debtor, M/s. RSJ Developers Pvt. Ltd., under Section 33(2) of the IB Code, 2016. The Committee of Creditors (CoC) convened on March 11, 2022, and voted with a 90.51% share to recommend the commencement of liquidation. The Resolution Professional (RP) submitted the minutes of the CoC meeting and other relevant documents. The CoC also recommended Sh. Puneet Sakhuja as the Resolution Professional. The application was filed under Section 7 of IBC Code, 2016.

## Issues and analysis

### Issue 1: Whether the application for initiation of liquidation proceedings against the Corporate Debtor …

**Ratio:** Section 33(2) of the IB Code allows the Adjudicating Authority to pass an order for

…

**Reasoning:** The Tribunal considered the CoC's recommendation, which had a 90.51% voting share, to

…

**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

…

**Application:** The CoC, with a 90.51% voting share, recommended the liquidation of the

…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. A One…
- **Respondents:** M/s. RSJ Developer…
- **Advocates:** Milan Sing…

## Timeline

- **2022-03-11 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and recommended with 90.51% voting share…
- **2022-05-05 — Order Del…**: The NCLT delivered an order allowing the application for initiation of liquidation…

## 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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