# In the matter of Himatsingka Resorts Pvt. Ltd. I.A. No. 66-2019 in CP (IB)-06-GB-2019

> NCLT judgment dated 2019-09-19. Citation: TCN-2019-NCLT-01384. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 19 Sept 2019
- **Citation:** TCN-2019-NCLT-01384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/himatsingka-resorts-pvt-ltd-ia-no-66-2019-in-cp-ib-06-gb-2019-03dbf4c3

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Himatsingka Resorts Pvt. Ltd. based on a petition filed by financial creditors Neha Himatsingka and Kanishka Himatsingka under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition claimed dues of Rs 83,30,499/- and Rs 38,52,630/- owed to the financial creditors FC1 and FC2, respectively. The CIRP was initiated on 08.03.2019, and Mr. Chhedi Rajbhar was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP found that the corporate debtor (CD) was not a going concern and had no assets. A forensic audit was conducted, which revealed no preferential, undervalued, or fraudulent transactions. Consequently, the

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## Facts

Neha Himatsingka and Kanishka Himatsingka, financial creditors, filed a petition against M/s. Himatsingka Resorts Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming dues of Rs 83,30,499/- and Rs 38,52,630/-, respectively. The CIRP was initiated on 08.03.2019, and Mr. Chhedi Rajbhar was appointed as the IRP and later confirmed as the RP. The RP found that the corporate debtor was not a going concern and had no assets. A forensic audit was conducted, revealing no preferential, undervalued, or fraudulent transactions. The COC decided not to invite an EOI for a resolution plan and opted for liquidation. The 1st COC meeting was held on 07.04.2019. The RP filed his first progress report on 09.04.2019. The COC decided on 02.08.2019 to liquidate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Himatsingka Resorts Pvt. Ltd., should be liquidated due to the lack …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The COC, after considering the forensic audit report which revealed no preferential,

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when a resolution plan is

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**Application:** In this case, the COC's decision was based on the forensic audit report and the

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## Parties

- **Judges:** Hari Venkata…; Ashutosh C…
- **Appellants:** Neha Himat…
- **Respondents:** Himatsingka…
- **Advocates:** Siddharth S…

## Timeline

- **2019-03-08 — CIRP Init…**: CIRP initiated against M/s.…
- **2019-03-08 — Appointment…**: Mr. Chhedi Rajbhar appointed as the…

## 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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