# In the matter of NEOCORTEX LIFE SCIENCES PRIVATE LIMITED

> NCLT judgment dated 2025-07-22. Citation: TCN-2025-NCLT-00783. The case pertains to an application filed by the Interim Resolution Professional (IRP), acting…

- **Court:** NCLT
- **Order date:** 22 Jul 2025
- **Citation:** TCN-2025-NCLT-00783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/neocortex-life-sciences-private-limited-7bafff62

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP), acting as Resolution Professional (RP), seeking orders for the liquidation of the Corporate Debtor, M/S Neocortex Life Sciences Private Limited, under CIRP.

## Facts

The application was filed by the Interim Resolution Professional (IRP) seeking liquidation orders for M/S Neocortex Life Sciences Private Limited.

The Corporate Debtor was admitted into CIRP under Section 10 of the IBC.

The IRP made public announcements inviting claims from creditors.

The CoC was constituted but faced non-cooperation from its members.

The CoC did not approve the proposal for interim finance/sharing the expenses required to run the process.

The value of assets of the CD was insignificant, and the bank balance was Rs 70,650.56.

The CoC felt that the CD Company has no major assets to attract applicants to submit their Expression of Interest.

The CoC did not appoint a Resolution Professional (RP).

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to lack of assets and non-cooperation from …

**Ratio:** Section 33(1) of IBC 2016 allows for liquidation if the Adjudicating Authority is of the

…

**Reasoning:** The Corporate Debtor lacked substantial assets or ongoing business operations to attract

…

**Interpretation:** The Adjudicating Authority interpreted Section 33(1) to mean that if CIRP is

…

**Application:** The Adjudicating Authority applied Section 33(1) and ordered the liquidation of

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Racharla Ramakrish…
- **Respondents:** M/S Neocortex…
- **Other parties:** Fermentis Life…; Zero Gravity…; +5 more
- **Advocates:** Shaik G…

## Timeline

- **2024-02-13 — Order Da…**: Order of the Tribunal…
- **2024-02-16 — Public Annou…**: IRP made 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)

---

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-hyderabad/neocortex-life-sciences-private-limited-7bafff62