# In the matter of TANISHKA AUTOMOTIVES PRIVATE LIMITED

> NCLT judgment dated 2025-06-10. Citation: TCN-2025-NCLT-00732. The case involves an application filed by Ms. Ritu Rastogi, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 10 Jun 2025
- **Citation:** TCN-2025-NCLT-00732
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tanishka-automotives-private-limited-d0e6531b

## Summary

### Background

The case involves an application filed by Ms. Ritu Rastogi, the Resolution Professional (RP) for Tanishka Automotives Private Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, to initiate the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated by State Bank of India under Section 7 of the Code. The RP was appointed as the Interim Resolution Professional (IRP) and a moratorium was imposed. Several Committee of Creditors (CoC) meetings were held to discuss the resolution process. Despite efforts, no resolution plan was received, leading to the CoC's decision to liquidate the Corporate Debtor.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Tanishka Automotives Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Ms. Ritu Rastogi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A moratorium was imposed under Section 14 of the Code. The Committee of Creditors (CoC), consisting solely of State Bank of India, was formed. Several CoC meetings were held to explore resolution options. Form G was issued to invite resolution plans, but no plan was received. The CoC then resolved to liquidate the Corporate Debtor with 100% voting share. The RP applied for the initiation of the liquidation process under Section 33(2) of the Code. The Adjudicating

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The CoC had resolved to liquidate the Corporate Debtor with 100% voting share, and no

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when

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**Application:** The Adjudicating Authority applied Section 33(2) to the facts of the case,

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Ritu Ra…
- **Respondents:** Tanishka Automotiv…; State Bank of…

## Timeline

- **2019-01-01 — CP (IB) No.426/CHD/HP/20…**: Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by State…
- **2022-12-22 — Order Da…**: Order imposing moratorium…

## 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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