# Siddhesh Bhalchandra Naik vs. Rao Edusolutions Pvt Ltd

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00609. Siddesh Bhalchandra Naik, an Operational Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/siddhesh-bhalchandra-naik-vs-rao-edusolutions-pvt-ltd-jgqo1

## Summary

### Background

Siddesh Bhalchandra Naik, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Rao Edusolutions Pvt Ltd. Mr. Viral Vora was appointed as the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP). Despite efforts, including inviting Expressions of Interest (EOI) from multiple parties and promoters, no viable resolution plan was approved for the Corporate Debtor. A resolution plan submitted by a suspended director was rejected due to the non-deposit and subsequent dishonour of the Earnest Money Deposit (EMD).

## Facts

A petition under Section 9 of the IBC was filed by Siddesh Bhalchandra Naik against Rao Edusolutions Pvt Ltd.

The petition was admitted by the Tribunal vide order dated 03.07.2023, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

Mr. Viral Vora was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

Public Announcement (Form A) was published on 09.07.2023, inviting claims from creditors, with the last date for submission being 21.07.2023.

A detailed report regarding the constitution of the Committee of Creditors (CoC) was submitted to the Tribunal on 28.07.2023.

In the 1st CoC meeting held on 07.08.2023, Mr. Viral Vora was appointed as the Resolution Professional (RP).

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Rao Edusolutions Pvt. Ltd, should be liquidated under the …

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

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**Reasoning:** The Corporate Insolvency Resolution Process (CIRP) failed to yield any resolution plan

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**Interpretation:** The legislative intent behind Section 33(2) is to provide a clear path to

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**Application:** Since the CoC's decision to liquidate was made with the requisite majority and

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Siddhesh Bhalchand…; Viral…; +3 more
- **Respondents:** M/s. Rao Edusoluti…; Rao Edusolutions…
- **Other parties:** CoC…; Board of Di…; +6 more
- **Advocates:** Maulik Ch…; Jay Bot…

## Timeline

- **2023-07-03 — CIRP Init…**: Petition under Section 9 of the Code admitted, initiating Corporate Insolvency Resolution…
- **2023-07-09 — Public Annou…**: Form A (Public Announcement) published in Financial Express and Navakal for inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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