# In the matter of Viraman Buildcon and Developers Pvt. Ltd. I.A. 5762-2022 in Company Petition No. (IB) – 2661-ND-2019

> NCLAT judgment dated 2023-02-28. Citation: TCN-2023-NCLAT-00697. The case involves an application filed by the Resolution Professional, Mr. Pawan Garg, under…

- **Court:** NCLAT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLAT-00697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/viraman-buildcon-and-developers-pvt-ltd-ia-5762-2022-in-company-petition-no-ib-2-11c8b809

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Pawan Garg, under Section 33(2) read with section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Vikram Buildcon and Developers Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application under Section 7 of IBC, 2016 filed by HBN Dairies and Allied Limited, the Financial Creditor. The RP has not received records/details of the assets of the Corporate Debtor and has filed an application before the Tribunal under section 19(2) & 19(3) of the Code against the suspended management. Some assets identified by the RP are under verification, and others are under attachment order by SEBI,

…

## Facts

HBN Dairies and Allied Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Buildcon and Developers Pvt. Ltd. The application was admitted on 2022-01-12. Mr. Pawan Garg was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) with 100% voting share by the Committee of Creditors (CoC) in its first meeting on 2022-03-25. The RP has not received records or details of the assets of the Corporate Debtor and filed an application under section 19(2) & 19(3) of the Code. Some assets identified by the RP are under verification, and others are under attachment by SEBI. The matter relating to

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

…

**Reasoning:** The CoC, with a 100% voting share, decided to liquidate the Corporate Debtor due to the

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

…

**Application:** The CoC's decision to liquidate the Corporate Debtor was based on the specific

…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Respondents:** M/s Vikram…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2022-01-12 — CIRP Init…**: Application admitted by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/viraman-buildcon-and-developers-pvt-ltd-ia-5762-2022-in-company-petition-no-ib-2-11c8b809