# In the matter of Tattva Valuers Pvt. Ltd.

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02204. The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tattva-valuers-pvt-ltd-5df7929c

## Summary

### Background

The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor, Tattva Valuers Private Limited. The application was filed by the Resolution Professional (RP) with the approval of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Tattva Valuers Private Limited based on a petition filed by SREI Equipment Finance Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made in Financial Express and Aajkal newspapers, inviting claims from creditors. Despite

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## Facts

SREI Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Tattva Valuers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made in Financial Express and Aajkal newspapers to invite claims from creditors. The RP conducted six Committee of Creditors (CoC) meetings. Despite multiple attempts, no resolution plan was received. The CoC decided to liquidate the Corporate Debtor. The RP filed an application for liquidation under Section 33 of the IBC. The Adjudicating Authority approved the liquidation and appointed Mr. Pratap Mukherjee as the Liquidator,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Tattva Valuers Private Limited, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when resolution

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**Application:** The CoC's decision to liquidate Tattva Valuers Private Limited, coupled with

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** SREI Equipment…
- **Respondents:** Tattva Valuers…

## Timeline

- **2022-06-15 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2022-06-17 — Public Annou…**: Public announcement was made in…

## 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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