# In the matter of RAINE INDUSTRIES AND ENGINEERING PRIVATE LIMITED

> NCLT judgment dated 2025-12-03. Citation: TCN-2025-NCLT-01763. The Corporate Debtor (Raine Industries and Engineering Private Limited) was admitted into…

- **Court:** NCLT
- **Order date:** 3 Dec 2025
- **Citation:** TCN-2025-NCLT-01763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/raine-industries-and-engineering-private-limited-4a418c51

## 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, Raine Industries and Engineering Private Limited, 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 formed and later reconstituted after the admission of a claim from Authum Investment & Infrastructure Limited.

The initial CIRP period ended on 04.05.2025, with a 90-day extension granted until 03.08.2025.

Form G was published inviting Expression of Interest (EoI) from prospective resolution applicants.

No resolution plan was received by the deadline of 29.08.2025.

The CoC resolved to liquidate the Corporate Debtor with 100% voting share on 06.10.2025.

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## Issues and analysis

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

**Ratio:** Section 33(1) of the IBC, 2016, allows the Adjudicating Authority to pass an order for

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

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**Interpretation:** The Tribunal interpreted Section 33(1) of the IBC to mean that if no resolution

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

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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…**: Corporate Debtor admitted into Corporate…
- **2024-11-16 — Public Annou…**: IRP issued a public announcement in…

## 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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