# In the matter of K-Lifestyle & Industries Limited

> NCLT judgment dated 2021-06-14. Citation: TCN-2021-NCLT-01972. The case involves an application (I.A. NO. 375/AHM/2021) within a corporate insolvency…

- **Court:** NCLT
- **Order date:** 14 Jun 2021
- **Citation:** TCN-2021-NCLT-01972
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/k-lifestyle-industries-limited-df9c606a

## Summary

### Background

The case involves an application (I.A. NO. 375/AHM/2021) within a corporate insolvency resolution process (CIRP) initiated under CP (IB) NO. 625 OF 2018. M/S. Alpha (India) Properties Pvt. Ltd & Ors, the applicant, sought urgent hearing regarding the consideration of their claims, including interest. The Adjudicating Authority had previously directed the Resolution Professional to consider these claims. The applicant also raised concerns about a resolution plan for liquidation being put forward in the 7th CoC meeting without furnishing the valuation report as regard to the liquidation value. The applicant also stated that the order of the Adjudicating Authority had been challenged before the NCLAT.

## Facts

M/S. Alpha (India) Properties Pvt. Ltd & Ors is an applicant in a CIRP against K-Lifestyle Industries Pvt. Ltd. The applicant sought urgent hearing regarding the consideration of their claims, including interest. The Adjudicating Authority had previously directed the Resolution Professional to consider these claims. The applicant raised concerns about a resolution plan for liquidation being put forward in the 7th CoC meeting without furnishing the valuation report as regard to the liquidation value. The applicant also stated that the order of the Adjudicating Authority had been challenged before the NCLAT. The voting on the resolution for liquidation was scheduled to be completed by the end of the day. The Adjudicating Authority had previously advised the

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## Issues and analysis

### Issue 1: Whether the CoC should proceed with voting on the resolution of liquidation of the Corporate Debtor …

**Ratio:** The principle of fair and transparent resolution process under the IBC requires that all

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**Reasoning:** The court reasoned that proceeding with the voting on liquidation without considering the

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**Interpretation:** This issue involves the interpretation of the IBC's provisions related to the

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**Application:** The court applied this principle to the specific facts by directing the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** M/S. Alpha…
- **Respondents:** K-Lifestyle…; Ajit K…

## Timeline

- **2021-04-15 — Previous…**: Adjudicating Authority directed the Resolution Professional to consider claims of…
- **2021-06-14 — Urgent He…**: Matter mentioned for urgent…

## 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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