# In the matter of RAINE INDUSTRIES AND ENGINEERING PRIVATE LIMITED

> NCLT judgment dated 2025-12-03. Citation: TCN-2025-NCLT-01802. The Corporate Debtor (Raine Industries and Engineering Private Limited) was admitted into…

- **Court:** NCLT
- **Order date:** 3 Dec 2025
- **Citation:** TCN-2025-NCLT-01802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/raine-industries-and-engineering-private-limited-098ccc27

## Summary

### Background

The Corporate Debtor (Raine Industries and Engineering Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) by an order of the Tribunal dated 06.11.2024. Mr. Atluri Ramesh was appointed as the Interim Resolution Professional (IRP). Subsequently, the IRP issued a public announcement inviting claims from creditors. Later, Mr K Murali Krishna Prasad was appointed as Resolution Professional (RP) in place of IRP.

## Facts

The Corporate Debtor was admitted into CIRP on 06.11.2024.

Mr. Atluri Ramesh was initially appointed as the Interim Resolution Professional (IRP).

Mr K Murali Krishna Prasad was later appointed as the Resolution Professional (RP).

The Committee of Creditors (CoC) was constituted and later reconstituted.

The CIRP period ended on 04.05.2025, with a 90-day extension granted.

No resolution plan was received.

The CoC resolved for liquidation with 100% voting share on 06.10.2025.

Mr. Shaik Gouse was appointed as Liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1) of the IBC, 2016, given the …

**Ratio:** Section 33(1) of the IBC, 2016 allows for the liquidation of the Corporate Debtor if no

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**Reasoning:** The CoC resolved for liquidation with 100% voting share, and no resolution plan was

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**Interpretation:** The Tribunal interpreted Section 33(1) to allow for liquidation in the absence

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**Application:** The Tribunal applied Section 33(1) and ordered the liquidation of the Corporate

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** HDFC Bank L…; K Murali Krishna…
- **Respondents:** Raine Industries…
- **Other parties:** Authum Investment…; Kotak Mahindra…; +6 more

## Timeline

- **2024-11-06 — Admission in…**: The Corporate Debtor was admitted into…
- **2025-04-04 — End of Initial CIRP…**: The initial CIRP period…

## 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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