NCLT Ahmedabad Order Liquidation Of Tradeohub B2B Limited Under Section 33 Of IBC
NCLT Ahmedabad bench comprising of Dr. Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member) has ordered the liquidation of Tradeohub B2B Limited (‘Corporate Debtor’) under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (‘IBC’). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 16.11.2021. and...
NCLT Ahmedabad bench comprising of Dr. Madan B Gosavi (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member) has ordered the liquidation of Tradeohub B2B Limited (‘Corporate Debtor’) under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (‘IBC’).
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 16.11.2021. and an Interim Resolution Professional (‘IRP’) was appointed. Public announcements for initiation of CIRP and inviting claims of Creditors of the Corporate Debtor were made. The NCLT had admitted a total claim of 18.5 crores against the Corporate Debtor, out of which 6.9 crores were owed towards Operational Creditors and 11.5 crores were owed towards Financial Creditors.
There was no Resolution Applicant for the Corporate Debtor and the Committee of Creditors (‘CoC’) decided to liquidate the Corporate Debtor with 69.22% voting share as the Corporate Debtor just had 1 immovable property with a liquidation value of 50.12 lakhs.
The Tribunal relied on the judgment of NCLAT in Praveen Kumar Nand Kumar Vs. VSL Securities Pvt. Ltd. in CA No. 1/2020 in CA No. 308/2000, where in it was held that the decision of CoC recommending liquidation after proper evaluation of assets and liabilities of the Corporate Debtor would be a business decision falling within the commercial wisdom of the CoC and will not be amenable to judicial review.
Tradeohub B2B Limited is a manufacturing company which manufactured food & agriculture, chemicals, pharma, polymers & additives and other industrial raw materials.
Case No. :I.A. No. 532 of 2022 in C.P. (I.B.) No.409/NCLT/AHM/2020
Case Name :Skystep Trading Ltd vs Tradeohub B2B Limited