# In the matter of AVJ Infrastructure Pvt. Ltd. I.A. 2299-2020 in Company Petition No. (IB)-208 (PB)-2019

> NCLT judgment dated 2020-11-06. Citation: TCN-2020-NCLT-00284. The case pertains to an application filed by the Resolution Professional under Section 33 of…

- **Court:** NCLT
- **Order date:** 6 Nov 2020
- **Citation:** TCN-2020-NCLT-00284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avj-infrastructure-pvt-ltd-ia-2299-2020-in-company-petition-no-ib-208-pb-2019-a3c5c668

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. AVJ Infrastructure Private Limited. The Corporate Debtor had previously filed a Company Petition under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted by the Tribunal on 30.09.2019, initiating CIRP against the Corporate Debtor, and Mr. Brijender Singh Deswal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 23.10.2018, and in subsequent meetings, the RP was appointed with 100% voting rights. The RP apprised the CoC that the last date for

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## Facts

M/s AVJ Infrastructure Private Limited, the Corporate Debtor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP). The Tribunal admitted the application on 30.09.2019, initiating CIRP. Mr. Brijender Singh Deswal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 23.10.2018. The Resolution Professional (RP) was appointed with 100% voting rights. The RP informed the CoC that the last date for submitting the Expression of Interest (EOI) was 20.12.2019, and no EOI had been received. The RP suggested extending the EOI submission timeline, but the CoC dissented and decided to reject all EOIs submitted after the

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## Issues and analysis

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

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

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**Reasoning:** The CoC, after deliberations and discussions, resolved to liquidate the Corporate Debtor

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** The CoC's decision to liquidate the Corporate Debtor, coupled with the absence

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Appellants:** Oriental Bank of…
- **Respondents:** M/s AVJ Infrastruc…

## Timeline

- **2018-10-23 — Constitution of…**: The Committee of…
- **2019-09-30 — Admission of Company…**: The Tribunal admitted the Company Petition filed under Section 7 of the Code, initiating…

## Legal provisions

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

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