# In the matter of Rajat Wires Private Limited

> NCLT judgment dated 2025-02-12. Citation: TCN-2025-NCLT-01105. The present application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 12 Feb 2025
- **Citation:** TCN-2025-NCLT-01105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/rajat-wires-private-limited-ada90ea0

## Summary

### Background

The present application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking liquidation of the Corporate Debtor, Rajat Wires Pvt Limited.

## Facts

The Adjudicating Authority initiated CIRP for Rajat Wires Pvt Limited on 14.02.2020 and appointed Mr. Kanti Mohan Rustagi as the Interim Resolution Professional.

The Applicant made a public announcement in Form-A on 19.02.2020.

The CoC was comprised of two financial creditors: Canara Bank and Mrs. Sunita Sachdev.

The CoC approved criteria for prospective resolution applicants in its second meeting.

The Adjudicating Authority appointed Mr. Gulshan Gaba as the Resolution Professional on 29.07.2020.

The CoC received one resolution plan from M/s. Garg Builders on 31.12.2020, which was later rejected.

The members of the CoC, holding 100% voting share, decided to liquidate the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the application for liquidation under …

**Ratio:** The application should be allowed if there is no confirmed resolution plan and the CoC

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**Reasoning:** Section 33(2) of the IBC allows for liquidation if no resolution plan is confirmed. The

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**Interpretation:** The Adjudicating Authority interprets Section 33(2) to permit liquidation when

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**Application:** In this case, there was no confirmed resolution plan, and the CoC voted with

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Sunflag Iron and…; Gulshan…
- **Respondents:** Rajat Wires Pvt…
- **Other parties:** Canara…; Sunita Sa…; +3 more
- **Advocates:** Abhishek…

## Timeline

- **2020-02-14 — CIRP Init…**: Adjudicating Authority passed an order directing CIRP for the Corporate Debtor and…
- **2020-02-19 — Public Annou…**: The Applicant made a public…

## 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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