# In the matter of Autoneeds (india) Private Limited

> NCLT judgment dated 2025-10-27. Citation: TCN-2025-NCLT-01552. The case involves an application for liquidation of M/s Auto Needs (India) Private Limited…

- **Court:** NCLT
- **Order date:** 27 Oct 2025
- **Citation:** TCN-2025-NCLT-01552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/autoneeds-india-private-limited-aa285663

## Summary

### Background

The case involves an application for liquidation of M/s Auto Needs (India) Private Limited ('Corporate Debtor') under Section 33 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initially initiated by Akasa Finance Limited (formerly Pooja Finelease Limited) but was withdrawn after settlement. However, the CIRP was revived by NCLAT due to failure to honor settlement terms.

## Facts

The application for liquidation was filed by Mrs. Rashmi Mintri, the Resolution Professional of M/s Auto Needs (India) Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initially initiated on 20.12.2019 by Akasa Finance Limited (formerly Pooja Finelease Limited) under Section 7 of the Code.

The CIRP was revived by the Hon'ble NCLAT after the Corporate Debtor failed to honor the settlement terms.

The CoC resolved to appoint Ms. Rashmi Mintri as the Resolution Professional in its 1st meeting held on 19.06.2024.

A forensic audit identified fraudulent transactions aggregating to ₹9.09 Crores.

The CoC, in its 8th meeting held on 13.06.2025, resolved to initiate liquidation of the Corporate Debtor with 100% voting share.

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## Issues and analysis

### Issue 1: Whether the requirements of Section 33(2) of the Insolvency and Bankruptcy Code, 2016 have been …

**Ratio:** Section 33(2) of the Code allows for liquidation if the CoC resolves to liquidate the

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor with 100% voting share, and no

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**Interpretation:** The Tribunal interpreted Section 33(2) to mean that if the CoC approves

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**Application:** The Tribunal applied Section 33(2) to the facts of the case, noting that the

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## Parties

- **Judges:** JYOTSNA S…; RAVINDRA CHATURVED…
- **Appellants:** M/s. Pooja…; Rashmi M…
- **Respondents:** M/s Auto Needs…; M/s. Auto Needs…
- **Other parties:** Committee of…; AKASA FINANCE…; +2 more

## Timeline

- **2019-12-20 — CIRP Init…**: Corporate Insolvency Resolution…
- **2020-02-05 — CIRP With…**: CIRP proceedings were withdrawn…

## 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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