# In the matter of Dulichand Auto Sales Private Limited IA(I.B.C)-191 & 384(KB)2022 in C.P. (IB)-1396(KB)2019

> NCLT judgment dated 2022-05-12. Citation: TCN-2022-NCLT-04817. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…

- **Court:** NCLT
- **Order date:** 12 May 2022
- **Citation:** TCN-2022-NCLT-04817
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/dulichand-auto-sales-private-limited-iaibc-191-384kb2022-in-cp-ib-1396kb2019-68355955

## Summary

### Background

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against Dulichand Auto Sales Private Limited based on a petition filed by Vinod Distributors Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed.

## Facts

CIRP was initiated against Dulichand Auto Sales Private Limited based on a Section 7 petition by Vinod Distributors Private Limited.

The first CoC meeting confirmed the IRP as RP.

No resolution plan was received during the CIRP period.

The CoC approved liquidation with 93% voting share.

The CIRP period was set to expire on 16/05/2022.

Mr. Jai Narayan Gupta was appointed as the Liquidator.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Dulichand Auto Sales Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

…

**Reasoning:** The CoC approved liquidation with a 93% voting share, and the CIRP period was expiring on

…

**Interpretation:** The absence of a resolution plan and the expiry of the CIRP period are valid

…

**Application:** The Adjudicating Authority applied Section 33(2) of the Code and ordered the

…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Jai Narayan…
- **Respondents:** Dulichand Auto…
- **Other parties:** Vinod Distributors…
- **Advocates:** Mamta B…; Sidhartha…; +1 more

## Timeline

- **2021-11-18 — Order Da…**: Adjudicating Authority…
- **2021-12-15 — First CoC M…**: IRP confirmed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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