# 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-00081. 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-00081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akhilesh-developers-private-limited-ma-3708-2019-in-cp-ib-3160-mb-2018-154a584b

## 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 application was filed by Mr. Ravi Prakash Ganti, the Resolution Professional. The Committee of Creditors (CoC) approved the liquidation in its meeting held on 12.11.2019. The initial application under Section 7 of the IBC was filed by Indiabulls Commercial Credit Limited, the Financial Creditor, against Akhilesh Developers Private Limited. The application was admitted on 19.02.2019, and Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 23.02.2019 inviting claims from creditors. Despite multiple attempts,

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## Facts

Indiabulls Commercial Credit Limited initiated insolvency proceedings against Akhilesh Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 19.02.2019, and Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 23.02.2019, inviting claims from creditors. The first Committee of Creditors (CoC) meeting was held on 22.03.2019, where the IRP was confirmed as the Resolution Professional. Despite multiple invitations for Expression of Interest (EOI), including a re-publication on 25.09.2019, no response was received from prospective resolution applicants. Consequently, in the fourth CoC meeting held on 12.11.2019, the CoC unanimously decided to

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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 the Adjudicating

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**Reasoning:** The court reasoned that despite multiple attempts to invite Expression of Interest (EOI)

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**Interpretation:** Section 33(1)(a) provides a clear pathway for liquidation when the CIRP process

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**Application:** In this case, the court applied Section 33(1)(a) because no EOI or Resolution

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## Parties

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

## Timeline

- **2019-02-19 — Application A…**: Application under Section 7 of IBC filed by Indiabulls Commercial Credit Limited against…
- **2019-02-19 — Appointment…**: Mr. Ravi Prakash Ghanti was appointed as the…

## 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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