The Adjudicating Authority is mandated to order the liquidation of a Corporate Debtor under Section 33(2) of the IBC, 2016, once the Committee of Creditors approves the decision by at least 66% of the voting share.

APPEARANCES:

For the Petitioner :

For the Respondent :

For the RP : Adv. Harish Taneja, Adv. Aakash Bhatt

ORDER

1. The instant application i.e., IA (Liq.)/36/ND/2025, is filed by Mr. Rabindra Kumar Mintri (‘Applicant’), Resolution Professional of M/s. Dalmia Life Care Private Limited seeking liquidation of M/s. Dalmia Life Care Private Limited (‘Corporate Debtor’) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (‘Code’).

2. The Applicant has made the following submissions: -

I. That CIRP of M/s Dalmia Life Care Pvt. Ltd. commenced on 12.09.2024, pursuant to the Order passed by this Adjudicating Authority, in CP (IB) No. 93/ND/2024 and Mr. Rakesh Kumar were appointed as the Interim Resolution Professional (“IRP”).

II. That Public announcement of the initiation of the CIRP was published in the newspapers for invitation of claims on 19.09.2024.

III. That on 13.10.2024, Interim Resolution Professional (IRP) filed an Interlocutory Application (IA No. 5278/ND/2024) under Section 19(2) of the Insolvency and Bankruptcy Code, 2016.

IV. That the 2nd CoC meeting was conducted on 07.12.2024 wherein the CoC resolved to replace the IRP. Mr. Rabindra Mintri as the Resolution Professional with 66.57% voting. That on 01.01.2025, the appointment of the Applicant as the RP of the Corporate Debtor was taken on record by this Adjudicating Authority.

V. That in the 4th CoC meeting which was conducted on 10.03.2025, CoC approved extension of 90 days in the CIRP period by 66.57% voting initially and subsequently by 100% votes. Thereafter on 24.03.2025, application bearing IA No. 1425 of 2025 before this Adjudicating Authority seeking extension for 90 days in the CIRP Period.

VI. That the 5th CoC meeting was conducted on 06.06.2025, wherein publication of Form G was approved by the CoC. Thereafter the RP Published the Form G on 15.07.2025 in the newspapers, Financial Express (English) and Jansatta (Hindi) for invitation of submission of Expression of Interests (EOI) from Prospective Resolution Applicants. That as per the Form G published, the last date of submission of the EOIs was 29.07.2025 and the date of submission of the Resolution Plans was 26.09.2025.

VII. That in the 6th CoC meeting conducted on 24.07.2025, the Request for Resolution Plan (RFRP) and Evaluation Matrix were put before the CoC for their due consideration.

VIII. That on 08.08.2025, the list of PRAs who had submitted their EOIs within the stipulated timelines was circulated to the CoC members. The said list contained the following names:

1. Real Value Infotech Projects Pvt. Ltd.

2. Piyush Jain

IX. That in 7th meeting of the CoC conducted on 14.08.2025, it was noted by the CoC members that the provisional list of the eligible PRAs was circulated on 08.08.2025 to all members of the CoC. It was also apprised by the RP that the two PRAs had submitted their EMDs belatedly that is on 30.07.2025 and 31.07.2025 respectively.

X. That on 30.08.2025 an email was received, from Real Value Infotech Projects Pvt. Ltd. stating that they had withdrawn from the resolution process. Subsequently on 29.09.2025, an email was received from the one PRA Mr. Piyush Jain seeking extension of time for submission of the Resolution Plan upto 03.10.2025.

XI. That on 06.10.2025, the 8th CoC meeting was conducted wherein the CoC members after due deliberation collectively resolved that prior to the initiation of the liquidation proceedings, with a view to maximizing the value of the Corporate Debtor, an opportunity shall be afforded to the PRA to submit a compliant Resolution Plan. The CoC also decided that the PRA shall be granted an extension up till 11.10.2025 for the submission of the Resolution Plan. That on 11.10.2025 which was the last date of submission of the Resolution Plan, no plan was received from Mr. Piyush Jain.

XII. That on 16.10.2025, another extension for submission of plan was sought by the PRA. He also submitted a proposal of total value offer amounting to ₹15,00,0