# In the matter of Kampilya Builders Pvt. Ltd. IA No. 1189-KB-2020 in CP (IB) No. 650-KB-2018

> NCLT judgment dated 2021-01-11. Citation: TCN-2021-NCLT-03337. The case pertains to IA No. 1189/KB/2020 in CP (IB) No. 650/KB/2018 filed under Section 33 of…

- **Court:** NCLT
- **Order date:** 11 Jan 2021
- **Citation:** TCN-2021-NCLT-03337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kampilya-builders-pvt-ltd-ia-no-1189-kb-2020-in-cp-ib-no-650-kb-2018-93d3a8d7

## Summary

### Background

The case pertains to IA No. 1189/KB/2020 in CP (IB) No. 650/KB/2018 filed under Section 33 of the Insolvency & Bankruptcy Code, 2016. Anand Carbo Private Limited, an operational creditor, filed a petition against Kampilya Builders Pvt. Ltd., the corporate debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 26.07.2019. Public announcements were made in various newspapers, fixing 09.08.2019 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on 18.08.2019. An invitation for Expression of Interest (EoI) was published, but no EoIs were received within the stipulated time. One EoI was received late and rejected. A fresh EoI was published, and two EoIs were

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## Facts

Anand Carbo Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kampilya Builders Pvt. Ltd. The CIRP was initiated based on Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority directed the initiation of CIRP on 26.07.2019. Public announcements were made in newspapers, setting 09.08.2019 as the deadline for claim submissions. The Committee of Creditors (CoC) was formed on 18.08.2019, comprising eleven financial creditors. The first CoC meeting took place on 26.08.2019, where the Interim Resolution Professional (IRP) was appointed as the Resolution Professional (RP). Invitations for Expression of Interest (EoI) were published, but no EoIs were received by the deadline. One EoI was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Kampilya Builders Pvt. Ltd., should be liquidated due to the failure …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The CIRP failed to produce a resolution plan despite multiple attempts to solicit

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**Interpretation:** Section 33(2) of the IBC provides a clear framework for liquidation when the

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**Application:** In this case, the CIRP failed, and the CoC voted in favor of liquidation with

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Shashi Ag…
- **Respondents:** Kampilya Builders…; Anand Carbo…

## Timeline

- **2019-07-26 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2019-08-09 — Last Date for Claim…**: Public announcements fixed 09.08.2019 as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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