# In the matter of Welkin IT Services Private Limited

> NCLT judgment dated 2024-09-05. Citation: TCN-2024-NCLT-00664. The Corporate Insolvency Resolution Process (CIRP) was initiated against Welkin IT Services…

- **Court:** NCLT
- **Order date:** 5 Sept 2024
- **Citation:** TCN-2024-NCLT-00664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/welkin-it-services-private-limited-c8735a5e

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Welkin IT Services Private Limited. Due to the non-availability of required data and the absence of a resolution plan, the Resolution Professional filed an application for the liquidation of the Corporate Debtor.

## Facts

M/s Adecco India Private Limited, an operational creditor, filed a Company Petition (IB) No. 1285/IBC/MB/2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on July 14, 2022, initiating the Corporate Insolvency Resolution Process (CIRP) against Welkin IT Services Private Limited, the Corporate Debtor. Mr. Rajendra K. Joshi was appointed as the Interim Resolution Professional (IRP). A Public Announcement in Form A was made by the IRP on July 21, 2022, to invite claims from creditors. Subsequently, a Committee of Creditors (COC) was formed, and its first meeting was held on August 16, 2022. During the second COC meeting on September 14, 2022, creditors voted to continue Mr. Rajendra K. Joshi as the Resolution Professional (RP) and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1)(a) of the Insolvency and …

**Ratio:** When the insolvency resolution process period expires and no resolution plan is received,

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**Reasoning:** The CIRP period expired on February 24, 2023, and no resolution plan was received as per

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**Interpretation:** The court interpreted **Section 33(1)(a)** to mean that if no resolution plan

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**Application:** Given that the CIRP period for Welkin IT Services Private Limited expired on

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Rajendra K.…; Rajendra K. Joshi…
- **Respondents:** M/s Welkin IT…; M/s Adecco India…; +2 more
- **Advocates:** G. Aniruth…; For the Applicant:…

## Timeline

- **July 14, 2022 — CIRP Init…**: Company Petition (IB) No. 1285/IBC/MB/2021 admitted, and CIRP initiated against the…
- **July 21, 2022 — Public Annou…**: IRP made a Public Announcement in Form…

## 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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