# In the matter of Srivenkateshwar Tradex Pvt. Ltd.

> NCLT judgment dated 2025-04-24. Citation: TCN-2025-NCLT-00186. The case pertains to an application (IA-28/2024) filed for the liquidation of the corporate…

- **Court:** NCLT
- **Order date:** 24 Apr 2025
- **Citation:** TCN-2025-NCLT-00186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srivenkateshwar-tradex-pvt-ltd-8742f57b

## Summary

### Background

The case pertains to an application (IA-28/2024) filed for the liquidation of the corporate debtor, Srivenkateshwar Tradex Pvt. Ltd., 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) was initially proposed as the liquidator, but due to an IBBI circular, this was reconsidered.

## Facts

Srivenkateshwar Tradex Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) voted with 100% share to liquidate the Corporate Debtor. An application, IA-28/2024, was filed seeking liquidation under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP), Mr. Atul Jindal, was initially proposed as the liquidator. However, an IBBI circular dated 18.07.2023 stipulated that the IRP/RP may not be appointed as the Liquidator when the CD goes into liquidation. The CoC passed a resolution pursuant to section 33(2) and Regulation 40 D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and other applicable provisions, of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Srivenkateshwar Tradex Pvt. Ltd., …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass a liquidation

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**Reasoning:** The CoC had approved the liquidation of the corporate debtor with a 100% voting share.

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**Interpretation:** Section 33(2) provides a clear framework for initiating liquidation when the

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**Application:** Since the CoC had approved the liquidation with a 100% voting share, the court

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## Parties

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

## Timeline

- **2023-07-18 — IBBI Cir…**: IBBI issued a circular stating that the IRP/RP may not be appointed as the Liquidator…
- **2024-04-24 — Order Del…**: Order delivered on…

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