# In the matter of Devesh Engineering Enterprises Private Limited I.A. No. 78 of 2022 in CP (IB) No. 232-7-HDB-2020

> Read the full IBC case summary for In the matter of Devesh Engineering Enterprises Private Limited I.A. No. 78 of 2022 in CP (IB) No. 232-7-HDB-2020. NCLT…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-04733
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/devesh-engineering-enterprises-private-limited-ia-no-78-of-2022-in-cp-ib-no-232-7f24ef3a

## Summary

### Background

The application was filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor and the appointment of a liquidator, as no resolution plan was received during the Corporate Insolvency Resolution Process (CIRP).

## Facts

M/s. Tejaswini Engineering Private Limited, as the Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Devesh Engineering Enterprises Private Limited (Corporate Debtor) by filing a company petition under Section 7 of the IBC, 2016. The Adjudicating Authority admitted the petition on February 19, 2021, and appointed CS Bhaskar B as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated as per the provisions of the Insolvency and…

**Ratio:** When no resolution plan is received and the Committee of Creditors resolves for…

**Reasoning:** The Committee of Creditors (CoC) resolved with 100% majority to liquidate the Corporate…

**Interpretation:** The court interpreted Section 33(1)(a) of the I&B Code, 2016, to mean that if…

**Application:** Given the CoC's resolution for liquidation and the absence of any resolution…

## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Advocates:** For the Applicant:…

## Timeline

- **February 19, 2021 — CIRP Admi…**: The Adjudicating Authority admitted the company petition for initiation of Corporate…
- **February 25, 2021 — Public Annou…**: The IRP made a public announcement and invited claims from all creditors in English and…

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