# In the matter of Akhilesh Developers Private Limited MA 3708-2019 in C.P. (IB)-3160-(MB)-2018

> NCLT judgment dated 2019-12-19. Citation: TCN-2019-NCLT-00062. The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Dec 2019
- **Citation:** TCN-2019-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akhilesh-developers-private-limited-ma-3708-2019-in-cp-ib-3160-mb-2018-0afd3608

## Summary

### Background

The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The initial petition under Section 7 of the IBC was filed by the Financial Creditor, Indiabulls Commercial Credit Limited, against Akhilesh Developers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. Consequently, the Committee of Creditors (CoC) unanimously decided to liquidate the

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## Facts

Indiabulls Commercial Credit Limited initiated CIRP against Akhilesh Developers Private Limited by filing an application U/s 7 of IBC. The application was admitted on 2019-02-19. Mr. Ravi Prakash Ghanti was appointed as the IRP and later confirmed as the Resolution Professional. Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. The CoC unanimously decided to liquidate the Corporate Debtor in its meeting held on 2019-11-12. The CoC approved an estimate of ₹3 lakhs towards Liquidation Costs, excluding fees of the liquidator. The CoC also approved a fee of 75,000/- plus GST per month for the liquidator for a period of 6 months. The Resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Akhilesh Developers Private Limited, should be liquidated under …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation

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**Reasoning:** The court reasoned that despite multiple attempts to solicit resolution plans, none were

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

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**Application:** Since no resolution plan was received, the court applied Section 33(1)(a) to

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## Parties

- **Judges:** M.K. Sh…; Chandra Bha…
- **Appellants:** Ravi Prakas…
- **Respondents:** Akhilesh Developer…

## Timeline

- **2019-02-19 — Application A…**: Application U/s 7 of IBC filed by Indiabulls Commercial Credit Limited against Akhilesh…
- **2019-02-23 — Public Annou…**: Public announcement inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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