# In the matter of V-accurate Management Services Private Limited

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00435. TJSB Sahakari Bank Limited, the Financial Creditor (FC), filed an application under Section…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/v-accurate-management-services-private-limited-0c60b145

## Summary

### Background

TJSB Sahakari Bank Limited, the Financial Creditor (FC), filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking an order of liquidation against V-Accurate Management Service Pvt. Ltd., the Corporate Debtor (CD). The application was filed pursuant to a resolution passed in the 1st meeting of the Monitoring Committee held on 14.08.2024. The Corporate Insolvency Resolution Process (CIRP) against the CD was initiated via CP No. (IB)-(MB) 1359/2019, which was admitted by the Tribunal on 09.03.2021. Mr. Ritesh R. Mahajan was appointed as Interim Resolution Professional (IRP). The IRP published Form A as per Regulation 6 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016, on 11.03.2021. A Committee of Creditors

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## Facts

TJSB Sahakari Bank Limited, the Financial Creditor (FC), initiated Corporate Insolvency Resolution Process (CIRP) against V-Accurate Management Service Pvt. Ltd., the Corporate Debtor (CD), under CP No. (IB)-(MB) 1359/2019, which was admitted on 09.03.2021. Mr. Ritesh R. Mahajan was appointed as Interim Resolution Professional (IRP). After the formation of the Committee of Creditors (CoC), the IRP was approved as Resolution Professional (RP). The RP prepared an Information Memorandum (IM) and circulated it to the CoC. The CoC approved eligibility criteria for Prospective Resolution Applicants (PRAs). Mr. Ranjit Jagtap emerged as the Successful Resolution Applicant (SRA) with an approved Resolution Plan. The SRA was required to pay the CIRP cost and the first tranche of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved due to the …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court considered the fact that the SRA failed to make the required payments despite

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**Interpretation:** Section 33(3) provides a mechanism to address situations where the approved

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**Application:** The SRA's failure to meet the payment obligations, despite extensions, directly

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** TJSB Sahakari…
- **Respondents:** V-Accurate…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB)No. 1359/MB/CII/2019…
- **2021-03-09 — CIRP Admi…**: Tribunal admitted CP No. (IB)-(MB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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