# In the matter of AD Victoriam Ventures Pvt. Ltd. IA-5267-2021 in CP (IB) 2380-ND-2019

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04549. The case pertains to IA-5267/2021 filed in CP (IB)-2380/ND/2019, concerning the corporate…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04549
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-pvt-ltd-ia-5267-2021-in-cp-ib-2380-nd-2019-80826c67

## Summary

### Background

The case pertains to IA-5267/2021 filed in CP (IB)-2380/ND/2019, concerning the corporate insolvency resolution process (CIRP) of Ad Victoriam Ventures Pvt. Ltd. The petition was initially admitted on 2019-11-21, and Mr. Anil Tayal was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Rakesh Kumar Singala replaced the IRP on 2021-09-30. The applicant sought to initiate the liquidation process of the corporate debtor after the CIRP period ended and no resolution plan was approved.

## Facts

The key facts are as follows: An application, IA-5267/2021, was filed in CP (IB)-2380/ND/2019. The Corporate Insolvency Resolution Process (CIRP) was initiated for Ad Victoriam Ventures Pvt. Ltd. on 2019-11-21. Anil Tayal was initially appointed as the Interim Resolution Professional (IRP). Rakesh Kumar Singala replaced Anil Tayal as IRP on 2021-09-30. The IRP conducted 5 CoC meetings. The applicant invited expressions of interest (EoI) and published Form G. Two resolution plans were received but one was withdrawn and the other rejected. The CIRP period of 330 days, excluding 340 days due to COVID-19, ended on 2021-09-20. No resolution plan was approved within the maximum insolvency resolution process period. The applicant sought directions to initiate the liquidation

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in ordering the liquidation of the Corporate …

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

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**Reasoning:** The court reasoned that the CIRP had failed to produce a viable resolution plan within

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**Interpretation:** The interpretation of Section 33(2) of the IBC is that if the CIRP fails, the

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**Application:** In this case, the CIRP failed because no resolution plan was approved.

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Ad Victoriam…

## Timeline

- **2019-11-21 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated for Ad Victoriam…
- **2019-11-21 — Appointment…**: Mr. Anil Tayal was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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