# In the matter of Welworth Software Pvt. Ltd. I.A. No. 163 of 2022 in C.P. (IB) No. 32-BB-2021

> NCLT judgment dated 2022-11-30. Citation: TCN-2022-NCLT-00289. The case pertains to I.A. No. 163 of 2022 filed in C.P. (IB) No. 32/BB/2021 before the National…

- **Court:** NCLT
- **Order date:** 30 Nov 2022
- **Citation:** TCN-2022-NCLT-00289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/welworth-software-pvt-ltd-ia-no-163-of-2022-in-cp-ib-no-32-bb-2021-70f4e229

## Summary

### Background

The case pertains to I.A. No. 163 of 2022 filed in C.P. (IB) No. 32/BB/2021 before the National Company Law Tribunal (NCLT), Bengaluru Bench. The main petition, C.P. (IB) No. 32/BB/2021, was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Mr. PuttaKempanna (Financial Creditor) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, and Mr. Srinivas Thatikonda was appointed as the Interim Resolution Professional (IRP). The IRP then filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate. The CoC decided to liquidate the Corporate Debtor due to lack of resolution applicants. The current application, I.A. No. 163 of 2022, was filed by the IRP under Section

…

## Facts

Mr. PuttaKempanna, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, leading to the appointment of Mr. Srinivas Thatikonda as the Interim Resolution Professional (IRP). The IRP filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate with the resolution process. However, the ex-directors failed to cooperate. The IRP also expressed his inability to continue due to health reasons. The CoC, in its fifth meeting held on 16.04.2022, decided to liquidate the Corporate Debtor, as no resolution applicants were interested. More than 66% of the CoC passed the resolution for liquidation. The IRP then

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the IBC, filed by the IRP based on …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

…

**Reasoning:** The CoC approved the liquidation with a 100% majority vote on 16.04.2022. The application

…

**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

…

**Application:** In this case, the CoC approved the liquidation with a 100% majority vote,

…

## Parties

- **Judges:** ShriKishore…; ShriManoj Kumar…
- **Appellants:** Srinivas Thatikond…
- **Respondents:** Welworth Software…; M/s. Welworth…

## Timeline

- **2021-01-01 — IA No.65 o…**: IA No.65 of 2021 was filed by the IRP of the Corporate Debtor seeking direction against…
- **2022-02-01 — Admission of Main…**: The main Petition bearing C.P. (IB) No.32 BB/2021 was admitted by the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/welworth-software-pvt-ltd-ia-no-163-of-2022-in-cp-ib-no-32-bb-2021-70f4e229