# In the matter of Bhuvee Stenoate Private Limited C.P. (IB) No. 515-KB-2018

> NCLT judgment dated 2020-02-07. Citation: TCN-2020-NCLT-02041. UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 7 Feb 2020
- **Citation:** TCN-2020-NCLT-02041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvee-stenoate-private-limited-cp-ib-no-515-kb-2018-1b6300d1

## Summary

### Background

UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhuvee Stenovate Private Limited. The application was for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The order of admission was passed on March 12, 2019, and Mr. C.A. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP).

## Facts

UCO Bank initiated CIRP against Bhuvee Stenovate Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on March 12, 2019, and C.A. Kannan Tiruvengadam was appointed as the IRP. The IRP was later confirmed as the RP. The RP published invitations for Expression of Interest (EOI) and received three EOIs from Jindal Stainless Hisar Limited, Sunflag Iron & Steel Co. Limited, and Prudent ARC Limited. However, no resolution plan was received from any of the prospective resolution applicants. The COC deliberated on extending the CIRP period but decided not to amend the eligibility criteria. The RP filed a petition for an extension of the CIRP period, which was not granted. The period of 330 days expired on February 4,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1)(a) of the I&B Code, 2016, …

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

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**Reasoning:** The Tribunal noted that the CIRP period of 330 days had expired on February 4, 2020, and

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**Interpretation:** Section 33(1)(a) of the I&B Code is interpreted strictly to mean that if no

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**Application:** In this case, since no resolution plan was received within the 330-day period,

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## Parties

- **Judges:** Madan B.…; Harish Chander…
- **Appellants:** UCO B…
- **Respondents:** Bhuvee Stenovate…; M/S. BHUVEE…

## Timeline

- **2019-03-12 — Admission of Ap…**: Order of admission was passed for the application under Section 7 of the Insolvency and…
- **2019-03-12 — Appointment…**: Mr. C.A. Kannan Tiruvengadam was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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