# In the matter of Sri Vatsa International Private Limited IA(IBC)-154(CHE)-2022 in IBA-31-2020

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02611. The case involves an application filed by the Resolution Professional, Nithiyanantham…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-vatsa-international-private-limited-iaibc-154che-2022-in-iba-31-2020-9bc530d5

## Summary

### Background

The case involves an application filed by the Resolution Professional, Nithiyanantham Ramachandran, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Srivatsa International Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Financial Creditor, Ligori Valan Irudhayaraj, under Section 7 of the I&B Code, 2016. The Committee of Creditors (CoC) was duly constituted, and several meetings were held to discuss the claims received and other activities related to the Corporate Debtor. The initial Interim Resolution Professional (IRP), Lakshmanan Krishnan, expressed difficulties due to the location of the Corporate Debtor. The CoC then proposed

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## Facts

Ligori Valan Irudhayaraj, a Financial Creditor, filed an application under Section 7 of the I&B Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Srivatsa International Private Limited. Lakshmanan Krishnan was initially appointed as the Interim Resolution Professional (IRP) but expressed difficulties due to the Corporate Debtor's location. Nithiyanantham Ramachandran was then appointed as the Resolution Professional. The Committee of Creditors (CoC) held several meetings to discuss the claims received and other activities related to the Corporate Debtor. The CoC noted the non-receipt of accounts and asset registers for a specific period. An application was filed for non-cooperation before the Adjudicating

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the CoC, which was based

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CoC

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**Application:** In this case, the CoC had resolved to liquidate the Corporate Debtor due to the

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** Nithiyanantham…
- **Respondents:** M/s. Srivatsa…

## Timeline

- **2020-03-04 — Admission of Ap…**: Application filed by the Financial Creditor, Ligori Valan Irudhayaraj under Section 7 of…
- **2020-03-04 — CIRP Init…**: Corporate Insolvency Resolution Process was…

## 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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