# In the matter of Kaliber Associates Pvt. Ltd. C.A. 1524-C-II-ND-2019 in Company Petition No. (IB)-228(ND)-2018

> NCLT judgment dated 2020-01-02. Citation: TCN-2020-NCLT-02575. Relan Buildwell Pvt. Ltd., the Financial Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLT-02575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaliber-associates-pvt-ltd-ca-1524-c-ii-nd-2019-in-company-petition-no-ib-228nd-844237d7

## Summary

### Background

Relan Buildwell Pvt. Ltd., the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kaliber Associates Pvt. Ltd., the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the IRP was replaced by Ms. Ritu Rastogi, who was later replaced by Mr. Mohan Lal Jain. Despite attempts to invite Expression of Interest (EOI) and formulate a resolution plan, no viable plan was received. The Committee of Creditors (CoC) initially rejected the resolution for liquidation but ultimately, due to the absence of any resolution plan and the expiry of the CIRP period, the Resolution Professional

…

## Facts

Relan Buildwell Pvt. Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaliber Associates Pvt. Ltd., the Corporate Debtor. The application was admitted by the NCLT, and an Interim Resolution Professional (IRP) was appointed. The IRP was later replaced by Ms. Ritu Rastogi, and subsequently by Mr. Mohan Lal Jain. The Committee of Creditors (CoC) was formed, consisting of BDR Builders & Developers Pvt. Ltd, Columbia Buildtech Pvt. Ltd, Paradise Systems Pvt. Ltd, Aadhar Infraholding Limited, Union Bank of India and Relan Buildwell Pvt. Ltd. The RP invited Expression of Interest (EOI) for resolution plans, but no EOI was received. The

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed in the absence of …

**Ratio:** Section 33(1)(a) of the IBC mandates the Tribunal to order liquidation of the Corporate

…

**Reasoning:** The court reasoned that since no resolution plan was received within the statutory

…

**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if the CIRP fails to

…

**Application:** In this case, since no resolution plan was received and the CIRP period had

…

## Parties

- **Judges:** Ch. Mohd Sharief…; Shri. L. N.…
- **Appellants:** Relan Buildwell…
- **Respondents:** Kaliber Associates…

## Timeline

- **2018-01-01 — Application…**: Relan Buildwell Pvt. Ltd. filed application No. IB-228/(ND)/2018 under Section 7 of the…
- **2019-01-18 — Application A…**: The application filed by Relan Buildwell…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/kaliber-associates-pvt-ltd-ca-1524-c-ii-nd-2019-in-company-petition-no-ib-228nd-844237d7