# In the matter of Srivenkateshwar Tradex Private Limited

> NCLT judgment dated 2025-04-24. Citation: TCN-2025-NCLT-00187. The case pertains to an application (IA-28/2024) filed for the liquidation of Srivenkateshwar…

- **Court:** NCLT
- **Order date:** 24 Apr 2025
- **Citation:** TCN-2025-NCLT-00187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srivenkateshwar-tradex-private-limited-7cf0fbcb

## Summary

### Background

The case pertains to an application (IA-28/2024) filed for the liquidation of Srivenkateshwar Tradex Pvt. Ltd., the corporate debtor, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) had approved the liquidation with a 100% voting share. The Resolution Professional (RP), Mr. Atul Jindal, was initially proposed as the liquidator. However, due to an IBBI circular, the RP could not be appointed as the liquidator.

## Facts

Srivenkateshwar Tradex Pvt. Ltd. is the corporate debtor. An application (IA-28/2024) was filed seeking liquidation of the corporate debtor under Section 33(2) of the IBC. The CoC approved the liquidation with 100% voting share. Mr. Atul Jindal, the Resolution Professional, was initially proposed as the liquidator. However, an IBBI circular (Liq-12011/214/2023-IBBI/840 dated 18.07.2023) restricts the appointment of the RP as the liquidator when the corporate debtor goes into liquidation. The CoC's resolution dated 22.05.2024 decided to liquidate the Corporate Debtor. The resolution authorized the RP to file appropriate applications. The application proposed Mr. Atul Jindal as the liquidator. The IBBI circular states that in cases where the CD has not been resolved

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor should be allowed under Section …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The CoC approved the liquidation with a 100% voting share, satisfying the requirement

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

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**Application:** In this case, the CoC's approval with 100% voting share satisfies the condition

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Respondents:** Srivenkateshwar…

## Timeline

- **2023-07-18 — IBBI Circular…**: IBBI issued Circular No. Liq-12011/214/2023-IBBI/840 regarding the recommendation for…
- **2024-05-22 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution with 100% vote share, deciding to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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