# 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-03329. 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-03329
- **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-ff8cbe8c

## 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, initiated proceedings against Kampilya Builders Pvt. Ltd., the corporate debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 26.07.2019. Public announcements were made to invite claims, and the Committee of Creditors (CoC) was constituted. Despite multiple invitations for Expression of Interest (EoI), no viable resolution plan was received.

## Facts

Anand Carbo Private Limited, an operational creditor, filed a petition against Kampilya Builders Pvt. Ltd., the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 26.07.2019. Public announcements were made, and a Committee of Creditors (CoC) was formed on 18.08.2019, comprising eleven financial creditors. Several attempts were made to solicit Expression of Interest (EoI) for a resolution plan, including publishing Form 'G' in newspapers. One EoI was received late and rejected. The CIRP period was extended by 90 days starting from 21.01.2020. Despite these efforts, no resolution plan was received. In its ninth meeting on 07.10.2020, the CoC voted with 90.77% majority to liquidate the corporate debtor. Mr. Shyamal Kumar Bhattacharjee

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Kampilya Builders Pvt. Ltd., …

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

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**Reasoning:** The CoC resolved with 90.77% voting share to liquidate the Corporate Debtor. No

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**Interpretation:** Section 33(2) provides a clear directive for liquidation when the CoC, with the

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**Application:** In this case, the CoC's decision to liquidate, supported by a 90.77% vote,

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Anand Carbo…
- **Respondents:** Kampilya Builders…
- **Advocates:** Ayush Lak…

## Timeline

- **2019-07-26 — Initiation…**: Adjudicating Authority directed initiation of the Corporate Insolvency Resolution Process…
- **2019-07-30 — Public Annou…**: Public announcement in Form…

## Legal provisions

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

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