# 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-00072. 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-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akhilesh-developers-private-limited-ma-3708-2019-in-cp-ib-3160-mb-2018-3ebae86a

## Summary

### Background

The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The application was filed by the Resolution Professional, Mr. Ravi Prakash Ghanti. The CIRP was initiated based on a petition filed by the Financial Creditor, Indiabulls Commercial Credit Limited, under Section 7 of the IBC. Despite public announcements and invitations for Expression of Interest (EOI), no resolution plan was received, leading the Committee of Creditors (CoC) to unanimously decide to liquidate the Corporate Debtor.

## Facts

On 18.11.2019, an application was submitted under Section 33 of the Insolvency & Bankruptcy Code, 2016 by Mr. Ravi Prakash Ghanti, the Resolution Professional of Akhilesh Developers Private Limited, seeking an order for liquidation. The Committee of Creditors (CoC) approved the liquidation on 12.11.2019. The initial petition under Section 7 of the IBC was filed by Indiabulls Commercial Credit Limited against Akhilesh Developers Private Limited and was admitted on 19.02.2019. Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made on 23.02.2019 to invite claims from creditors. Despite multiple attempts, no Expression of Interest (EOI) or resolution plan

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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 through

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

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**Application:** In this case, the absence of any resolution plan, coupled with the CoC's

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## Parties

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

## Timeline

- **2019-11-18 — Application for…**: Mr. Ravi Prakash Ghanti, the Resolution Professional, submitted an application under…
- **2019-11-12 — CoC Approval for…**: The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor in its…

## 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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