# In the matter of Rushabh Lifestyle Private Limited

> NCLT judgment dated 2024-08-02. Citation: TCN-2024-NCLT-00895. The case involves an application for liquidation of Rushabh Lifestyle Private Limited. The…

- **Court:** NCLT
- **Order date:** 2 Aug 2024
- **Citation:** TCN-2024-NCLT-00895
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rushabh-lifestyle-private-limited-03d189a8

## Summary

### Background

The case involves an application for liquidation of Rushabh Lifestyle Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Operational Creditor, Wintry Engineering & Chemicals Private Limited, under Section 9 of the IBC, 2016. Pawan Kumar Ramdhan Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite efforts to find a resolution plan, none were received, leading the Committee of Creditors (CoC) to decide on liquidation.

## Facts

On 21.11.2023, the Tribunal admitted a Company Petition filed by Wintry Engineering & Chemicals Private Limited, the Operational Creditor, under Section 9 of the IBC, 2016, initiating CIRP for Rushabh Lifestyle Private Limited, the Corporate Debtor. Pawan Kumar Ramdhan Agarwal was appointed as the IRP and later as the RP. Public announcements were made on 23.11.2023, inviting claims from creditors, resulting in one claim from a Financial Creditor and one from an Operational Creditor. The first CoC meeting was held on 21.12.2023, and the second on 29.01.2024, where eligibility criteria for resolution applicants were discussed. An Expression of Interest was published on 30.01.2024, but no resolution plan was received by 29.04.2024. In a fourth CoC meeting on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Rushabh Lifestyle Private Limited, should be liquidated due to the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation of a

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**Reasoning:** The court reasoned that since no resolution plan was received despite efforts to solicit

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP process fails to

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**Application:** Given the facts that no resolution plan was received and the CoC approved

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Pawan Kumar…
- **Respondents:** Rushabh Lifestyle…; Wintry Engineering…
- **Advocates:** Qasim R…; Yahya Bata…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition bearing No.: C.P.(IB)-3394(MB)/2019 filed under Section 9 of the IBC,…
- **2023-11-21 — CIRP Init…**: Tribunal admitted the petition and initiated Corporate Insolvency Resolution Process…

## 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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