Vivek Murlidhar Dabhade vs Adityaman Enterprises Private Limited

This is an Interlocutory Application filed by the Applicant/Resolution Professional of the Corporate Applicant under Section 33 of the Insolvency and Bankruptcy Code, 2016 (the Code) for initiating Liquidation Process in the case of Adityaman Enterprises Private Limited (Corporate Debtor).

The facts leading to the case in hand are as follows:

a. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Tribunal vide order dated 06.03.2025 upon admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) and the Applicant herein was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor, who subsequently has been confirmed as the Resolution Professional of the Corporate Debtor.

b. Pursuant to the Admission Order, the Resolution Professional published Form - A in Indian Express on 08.03.2025 and in Pudhari on 11.03.2025 inviting claims against the Corporate Debtor and the same was also published on the designated website of the Insolvency and Bankruptcy Board of India.

c. It is further stated that the Applicant has visited the place where the Corporate Debtor proposed to establish business, however there were no assets and no activities to be found. The Applicant also visited the registered office of the Corporate Debtor whereby the notice regarding the initiation of CIRP was served to the relatives of the Suspended Directors as the Suspended Directors were not present.

d. Further, pursuant to the Public Announcement, the Applicant has received a claim from Sangli District Central Co-Operative Bank Limited. Accordingly the claim was fully admitted by the Applicant and communicated to the Financial Creditor vide letter dated 27.03.2025.

e. Accordingly, the Applicant has constituted the Committee of Creditor which consists of sole Financial Creditor and the first Meeting was convened on 04.04.2025. During the course of this meeting, the Applicant informed the sole member that upon his visit to the place of business, he discovered that the corporate debtor has no assets. The Applicant has also informed the government authorities regarding commencement of CIRP against the Corporate Debtor.

f. It is further stated and averred that the Applicant, vide email dated 09.04.2025, circulated the minutes of the meeting along with the ballot paper to vote on the agenda items however, no vote was cast by the sole CoC member. Pursuant to that, the Applicant received a letter dated 11.04.2025, from the sole CoC member requesting to keep the CIR Process on hold for a period of Three months because the Suspended Director of the corporate debtor is diagnosed with cancer and is undergoing treatment.

g. In response to the said letter, the Applicant vide its email dated 15.04.2025, informed the sole Member that there are no provisions under the Code or any of the Regulations which permit the suspension or deferment of the CIRP. The Applicant requested the sole CoC member vide email on 23.04.2025, to co-operate in conducting the CIRP of the Corporate Debtor and also informed that the proceedings of the CIRP cannot be deferred unless it is directed by this Adjudicating Authority or the Hon'ble National Company Law Appellate Tribunal. The Applicant once again requested the sole CoC member via email to conclude the voting process. However, no voting was conducted within the stipulated time. Thereafter, the sole CoC member requested an extension of 15 days to complete the voting process. Considering the request, the IRP extended the voting deadline up to 07.05.2025.

h. On 11.06.2025, the 3rd CoC meeting was conducted and Applicant submits that no voting took place on any of the agenda items. Moreover, no discussions were held during the meeting. The Applicant also drew the sole member's attention to the order dated 06.03.2025, passed by this Adjudicating Authority, wherein, the bank is directed to deposit a sum of Rs. 3 Lakhs towards CIRP costs, which it has failed to remit.

j. The Applicant on 23.07.2025, conducted 6^th CoC meeting, the sole CoC Member abstained from voting on the ratification of expenses incurred by the applicant during the CIRP period, the opening of a new bank account for the payment and management of CIRP-related expenses, and the approval of the CIRP budget. During the meeting, the Applicant further apprised the sole CoC member that there had been no significant progress in the CIRP of the Corporate Debtor despite multiple efforts made over the course of the process. It was brought to the attention of the sole CoC member that there has been a persistent lack of cooperation from the sole CoC member as well as the suspended directors of the Corporate Debtor, which has severely impeded the conduct of the CIRP, and the Applicant made constant follow-up with the sole CoC member and the suspended directors of the Corporate Debtor but to no avail. The Applicant states that in light of the continued deadlock and noncooperation, the Applicant is left with no viable alternative but to initiate appropriate proceedings under Section 33 of the Insolvency and Bankruptcy Code, 2016, by filing a liquidation application for commencement of the Liquidation Process of the Corporate Debtor.

The members of COC in their 6^th Meeting decided to initiate Liquidation proceedings against the Corporate Debtor as per Section 33(2) of the Insolvency and Bankruptcy Code, 2016, instead of going directly for dissolution and passed the necessary Resolution after placing the same for voting, the relevant extract of the said Resolution is reproduced herein below for convenience: -

The Applicant also seeks its discharge as the Resolution Professional of the Corporate Debtor and consequently seeking his Appointment as the Liquidator of the Corporate Debtor.

Hence, the present Interlocutory Application has been filed seeking Liquidation of the Corporate Debtor.

Having considered the submissions of the Counsel for the Applicant, upon perusal of averments made in the Application and in view of the decision taken by the Committee of Creditors, we consider it appropriate to pass the Order for Liquidation of the Corporate Debtor viz. Adityaman Enterprises Private Limited considering the fact there is no Resolution Plan for consideration and CoC does not foresee any possibility of getting Plans for the Corporate Debtor.

This Bench is obligated to pass an order of Liquidation of the Corporate Debtor, since no Resolution Plan has been received by under Section 30(6) of the Code. Accordingly, this Authority is left with no option except to pass an order for Liquidation of the Company in the manner laid down in Chapter III of the Code considering the fact there is no Resolution Plan for consideration.

Hence ordered.

With the aforesaid observations and directions, the Interlocutory Application bearing IA (Liq.) No. 77 of 2025, stands disposed of as Allowed.

Ordered Accordingly.