Siddesh Bhalchandra Naik Vs Rao Edusolutions Pvt. Ltd (NCLT Mumbai)
Summary: The Resolution Professional of Rao Edusolutions Pvt. Ltd. filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 seeking liquidation of the Corporate Debtor, appointment of Bharati Manoj Daga as Liquidator and condonation of delay in filing the liquidation application. The CIRP commenced on 03.07.2023 following admission of a Section 9 petition filed by Siddesh Bhalchandra Naik. Although the CoC resolved to liquidate the Corporate Debtor in its 7th meeting on 30.04.2024, the liquidation application was filed only on 13.01.2026. The Tribunal found that the Applicant had not furnished a cogent or satisfactory explanation for the substantial delay of about 1.5 years and observed that such delay was not conducive to the objectives of the Code. However, since the CIRP period had expired and the CoC had passed a liquidation resolution, the Tribunal proceeded to consider liquidation. It noted that the CoC had approved liquidation by a voting share exceeding the 66% threshold under Section 33(2), and ordered liquidation of the Corporate Debtor. The Tribunal also appointed Bharati Manoj Daga as Liquidator, directed the liquidation process to proceed under the applicable provisions and regulations, and recorded that Regulation 32A had been omitted with effect from 14.10.2025. The application was accordingly allowed. :contentReference[oaicite:0]{index=0}
Background and Commencement of CIRP
A Petition under Section 9 of the Code was filed by Siddesh Bhalchandra Naik against Rao Edusolutions Pvt. Ltd. The Tribunal admitted the petition by order dated 03.07.2023 and initiated CIRP against the Corporate Debtor.
