# In the matter of Gruha Kalyan Housing Projects Pvt. Ltd. I.A. No. 219-2019 in C.P.(IB)No. 92-BB-2018

> NCLT judgment dated 2020-09-09. Citation: TCN-2020-NCLT-00672. The case involves an application (I.A.No.219/2020) filed in C.P.(IB)No.92/BB/2018 under Section…

- **Court:** NCLT
- **Order date:** 9 Sept 2020
- **Citation:** TCN-2020-NCLT-00672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gruha-kalyan-housing-projects-pvt-ltd-ia-no-219-2019-in-cpibno-92-bb-2018-2ce34661

## Summary

### Background

The case involves an application (I.A.No.219/2020) filed in C.P.(IB)No.92/BB/2018 under Section 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant, Mr. Shankar B. Iyer, a Resolution Professional, sought appointment as a Liquidator for the Corporate Debtor, M/s. Gruha Kalyan Projects Pvt. Ltd. Initially, Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a default of Rs.43,65,000/-. The Adjudicating Authority admitted the case on 27.06.2020, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, on 20.03.2020, the Adjudicating Authority directed liquidation of the Corporate Debtor under Section 33 of the IBC and directed the

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## Facts

M/s. P. Pradeep Kumar & others (Petitioners) initially filed C.P. (IB)No.92/BB/2018 under Section 7 of the IBC, 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Gruha Kalyan Housing Private Limited (Respondent/Corporate Debtor) due to a default of Rs.43,65,000/-. The Adjudicating Authority admitted the case on 27.06.2020, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, on 20.03.2020, the Adjudicating Authority directed liquidation of the Corporate Debtor under Section 33 of the IBC. The Committee of Creditors (COC) was directed to appoint a Liquidator. The 4th COC meeting on 15.05.2020 unanimously decided to appoint Mr. Shankar B. Iyer as

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## Issues and analysis

### Issue 1: Whether the Applicant, Mr. Shankar B. Iyer, is eligible to be appointed as the Liquidator for the …

**Ratio:** The legal principle applied is that the Adjudicating Authority has the power to appoint a

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**Reasoning:** The court reasoned that the Committee of Creditors had suggested and approved the

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**Interpretation:** The interpretation of the IBC provisions is that the Adjudicating Authority

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** P. Pradeep…
- **Respondents:** Gruha Kalyan…

## Timeline

- **2018-01-01 — Filing of C.P.…**: M/s. P. Pradeep Kumar & others filed C.P. (IB)No.92/BB/2018 seeking to initiate Corporate…
- **2020-03-20 — Order for Liq…**: The Adjudicating Authority passed an order directing liquidation of the Corporate Debtor…

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