# 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-04121. The case pertains to I.A. 728/2020 filed under Section 33 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04121
- **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-a9acc20f

## Summary

### Background

The case pertains to I.A. 728/2020 filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Trump Impex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Trump Impex Private Limited after a petition filed by Dena Bank (now merged with Bank of Baroda) was admitted on 2019-06-27. The Resolution Professional, Rajender Kumar Girdhar, was appointed as the Interim Resolution Professional. Despite receiving requests from interested parties after the publication of FORM-G, no resolution plan was submitted. A proposal to extend the deadline for submission of Expression of Interest (EOI) was not approved by two members of the Committee of Creditors (CoC). In the fourth CoC meeting, a resolution for

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## Facts

On 2019-06-27, a petition filed by Dena Bank (now merged with Bank of Baroda) under Section 7 of the Insolvency and Bankruptcy Code, 2016, was admitted, initiating the Corporate Insolvency Resolution Process (CIRP) against Trump Impex Private Limited. Rajender Kumar Girdhar was appointed as the Interim Resolution Professional. Following the publication of FORM-G, two parties expressed interest but did not submit a resolution plan. An email request to extend the EOI submission deadline by 15 days was not approved by Union Bank of India and Axis Bank Limited. In the fourth CoC meeting on 2020-02-18, a proposal to extend the CIRP by 90 days beyond the initial 180 days was rejected. Consequently, the CoC passed a resolution with 100% voting to liquidate Trump Impex Private

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## Issues and analysis

### Issue 1: Whether the application I.A. 728/2020 seeking liquidation of Trump Impex Private Limited should be …

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

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**Reasoning:** The Tribunal considered the submissions of the counsel, the material available on record,

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**Interpretation:** Section 33 provides a mechanism for liquidation when CIRP fails to achieve a

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**Application:** Given the CoC's resolution and the lack of a resolution plan, the Tribunal

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## Parties

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

## Timeline

- **2019-06-27 — Admission of…**: Petition filed by Dena Bank (now merged with Bank of Baroda) under Section 7 of the Code…
- **2019-11-28 — Request for EOI…**: Applicant requested the CoC to extend the…

## 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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