# In the matter of Icon Commodities Private Limited MA No. 431-2020 in CP(IB)No. 42-7-HDB-2020

> NCLT judgment dated 2021-12-03. Citation: TCN-2021-NCLT-00284. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Icon…

- **Court:** NCLT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLT-00284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/icon-commodities-private-limited-ma-no-431-2020-in-cpibno-42-7-hdb-2020-2a75f9ff

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Icon Commodities Private Limited. The CIRP commenced based on an order by the Adjudicating Authority on 2021-03-25. An Interim Resolution Professional (IRP), Sri Vamsi Kambhammettu, was initially appointed. Subsequently, the IRP was replaced by Mummaneni Vazra Laxmi as the Resolution Professional (RP). The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the absence of immovable assets, plant, and machinery, and the low possibility of debt recovery. The RP filed an application (IA No. 431/2021) seeking liquidation of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Icon Commodities Private Limited. The CIRP commenced on 2021-03-25. Sri Vamsi Kambhammettu was initially appointed as the Interim Resolution Professional (IRP). The IRP was later replaced by Mummaneni Vazra Laxmi as the Resolution Professional (RP). The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the absence of immovable assets, plant, and machinery, and the low possibility of debt recovery. The RP conducted a second CoC meeting on 2021-07-21, where the decision to liquidate was approved with 100% voting. The RP filed IA No. 431/2021 seeking liquidation. The Adjudicating Authority considered a query regarding the claim of DBS Bank, which was explained by the RP.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Icon Commodities Private Limited, …

**Ratio:** Section 33(1)(b) of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor due to

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**Interpretation:** Section 33(1)(b) of the IBC provides the legal basis for the Adjudicating

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**Application:** In this case, the CoC approved liquidation, and no resolution plan was

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## Parties

- **Judges:** DR.VENKATA…; BINOD KUMAR…
- **Respondents:** Icon Commodities…; Icon Commodities…

## Timeline

- **2021-03-25 — Commencement…**: The Corporate Insolvency Resolution Process (CIRP) commenced against Icon Commodities…
- **2021-03-25 — Appointment…**: Sri Vamsi Kambhammettu was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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