# In the matter of Trump Impex Private Limited I.A. 728 of 2020 in C.P.(IB) No. 426-MB-2019

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04110. The application I.A. No. 728/2020 was filed by the Resolution Professional, Rajender Kumar…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04110
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trump-impex-private-limited-ia-728-of-2020-in-cpib-no-426-mb-2019-9b6919d2

## Summary

### Background

The application I.A. No. 728/2020 was filed by the Resolution Professional, Rajender Kumar Girdhar, seeking liquidation of Trump Impex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor after the petition filed by Dena Bank (now merged with Bank of Baroda) was admitted on 27.06.2019. The applicant was appointed as the Interim Resolution Professional of the Corporate Debtor. The Resolution Professional received requests from two interested parties after the publication of FORM-G, but no resolution plan was submitted. The applicant requested an extension for submission of EOI, which was not approved by two members of the CoC. In the fourth CoC meeting, the members proposed an extension of the CIRP, but it was

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## Facts

The Resolution Professional, Rajender Kumar Girdhar, filed I.A. No. 728/2020 seeking liquidation of Trump Impex Private Limited. The CIRP was initiated following the admission of a petition filed by Dena Bank (now merged with Bank of Baroda) on 27.06.2019. The Resolution Professional received requests from ANA ARC Private Limited and Luvkush Corporation Pvt. Ltd. after FORM-G publication, but no resolution plan was submitted. An extension for EOI submission was requested but not approved by Union Bank of India and Axis Bank Limited. The CoC proposed an extension of the CIRP by 90 days, which was not approved. Consequently, the CoC passed a resolution for liquidation with 100% voting on 18.02.2020. The Resolution Professional expressed unwillingness to act as the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Trump Impex Private Limited, should be liquidated due to the failure …

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

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**Reasoning:** The court reasoned that despite attempts to find a resolution plan, no viable plan was

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP is unsuccessful.

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**Application:** In this case, the court applied Section 33 to the facts, noting that no

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Rajender Kumar…
- **Respondents:** Trump Impex…; Bank of B…

## Timeline

- **2019-06-27 — Admission of…**: The petition filed by Dena Bank (now merged with Bank of Baroda) under Section 7 of the…
- **2019-11-28 — Request for Extension…**: The Applicant requested the members of CoC to extend the last date for submission of EOI…

## 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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