# In the matter of Conglome Technoconstructions Private Limited, I.A. No. 462 of 2020 in C.P.(IB) No. 225/BB/2018

> NCLT judgment dated 2021-01-06. Citation: TCN-2021-NCLT-03390. The case involves an application filed by the Bank of Maharashtra, representing the Committee…

- **Court:** NCLT
- **Order date:** 6 Jan 2021
- **Citation:** TCN-2021-NCLT-03390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/conglome-technoconstructions-private-limited-ia-no-462-of-2020-in-cpib-no-225bb2-b42b147c

## Summary

### Background

The case involves an application filed by the Bank of Maharashtra, representing the Committee of Creditors (CoC) of Conglome Techno Constructions Private Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by Mr. Sandeep Arvind Tambekar and Mrs. Shefali Sandeep Tambekar. During the CIRP, the CoC expressed unwillingness to continue with the initially appointed Interim Resolution Professional (IRP) and appointed Mr. Nimit Kalsi as the Resolution Professional (RP). However, the RP failed to submit progress reports, did not adequately deliberate on resolution efforts, and did not inform the CoC of any resolution plans received. The CIRP period expired, and

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## Facts

Mr. Sandeep Arvind Tambekar and Mrs. Shefali Sandeep Tambekar initiated Corporate Insolvency Resolution Process (CIRP) against Conglome Techno Constructions Private Limited under Section 7 of the IBC. The application was admitted on 2019-03-21. Dr. Rajnish Kumar Pandey was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC), with the Bank of Maharashtra holding a 99.24% voting share, replaced Dr. Rajnish Kumar Pandey with Mr. Nimit Kalsi as the Resolution Professional (RP). Mr. Kalsi failed to submit progress reports and did not adequately inform the CoC about resolution efforts or any received resolution plans. The RP filed an I.A. seeking exclusion of 99 days from the CIRP period, which was rejected. The Hon'ble Tribunal

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Conglome Techno Constructions Private Limited, should be liquidated …

**Ratio:** Section 33(1) of the IBC mandates the Adjudicating Authority to pass an order of

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**Reasoning:** The Adjudicating Authority noted that the CIRP period had expired and no resolution plan

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**Interpretation:** Section 33(1) is interpreted strictly to mean that upon the expiry of the CIRP

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**Application:** Since the CIRP period for Conglome Techno Constructions Private Limited had

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Mr.Sandeep Arvind…
- **Respondents:** Conglome Techno…
- **Advocates:** Vignesh S…; Ayushi Ag…

## Timeline

- **2018-01-01 — CP(IB) No.225/BB/2018…**: Corporate Insolvency…
- **2019-03-21 — CIRP Admi…**: Application under Section 7 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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