# State Bank of India vs. Shri Tradco Deesan Private Limited

> NCLT judgment dated 2026-05-15. Citation: TCN-2026-NCLT-00502. Mr. Rakesh Kumar Relan, the Resolution Professional (RP) of Shri Tradco Deesan Private Limited…

- **Court:** NCLT
- **Order date:** 15 May 2026
- **Citation:** TCN-2026-NCLT-00502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/state-bank-of-india-vs-shri-tradco-deesan-private-limited-xchxm

## Summary

### Background

Mr. Rakesh Kumar Relan, the Resolution Professional (RP) of Shri Tradco Deesan Private Limited (Corporate Debtor), filed an application seeking the initiation of liquidation proceedings under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.02.2023. Despite multiple extensions, the CIRP period, aggregating to 741 days, expired on 20.11.2025, and no resolution plan was approved by the Committee of Creditors (CoC).

## Facts

Mr. Rakesh Kumar Relan, the Resolution Professional (RP) of Shri Tradco Deesan Private Limited, filed an application for the initiation of liquidation process.

The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 15.02.2023.

An appeal against the admission order was filed by the Suspended Board of Directors, and the CIRP was stayed by NCLAT, which was later vacated on 01.09.2023.

The RP published Form-G on 08.12.2023, with the last date for Expression of Interest (EoI) being 23.12.2023.

The final list of Prospective Resolution Applicants (PRAs) was published on 07.01.2024.

The last date for submission of resolution plans was initially 15.02.2025, extended to 06.05.2025.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shri Tradco Deesan Private Limited, should be ordered for liquidation …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 mandates that if the

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**Reasoning:** The court noted that the CIRP period for the Corporate Debtor, including all extensions,

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**Interpretation:** The Tribunal interpreted Section 33(1) of the IBC, 2016 as a mandatory

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**Application:** Given that the CIRP period, including all extensions, had expired on

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## Parties

- **Judges:** NILESH S…; Charanjeet Singh…
- **Appellants:** State Bank of…; RAKESH KUMA…
- **Respondents:** Tradco Deesan…
- **Other parties:** Committee of…; HDFC…; +5 more
- **Advocates:** Adv Animesh…; Abhishek…

## Timeline

- **15.02.2023 — CIRP Admi…**: The Corporate Debtor was admitted into the…
- **01.09.2023 — NCLAT Stay…**: The stay on CIRP by Hon'ble NCLAT, following an appeal by Suspended Board of Directors,…

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