# In the matter of Kashyap Motors India Private Limited C.A. 2689 (PB) -2019 in Company Petition No. (IB) - 1528 (PB) - 2018

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00320. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kashyap-motors-india-private-limited-ca-2689-pb-2019-in-company-petition-no-ib-1-0f71a019

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Kashyap Motors India Private Limited. Bank of Baroda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted by the Tribunal on 05.03.2019. Mr. Jatin Madan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Kashyap Motors India Private Limited based on an application filed by Bank of Baroda under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 05.03.2019. Mr. Jatin Madan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The initial 180-day period of the CIRP was extended by 90 days with the approval of the Committee of Creditors (CoC). Despite the extension, no resolution plan was received. The CoC, in its 10th meeting held on 14.11.2019, with a 99.23% voting share, resolved to liquidate the corporate debtor. The liquidation value of the company was assessed by two valuers, Mr. R S Yadav and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s Kashyap Motors India Private …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 mandates that where the

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**Reasoning:** The court reasoned that the resolution process had failed as no resolution plan was

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**Interpretation:** Section 33(1)(a) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the resolution process failed, and the CoC voted for liquidation.

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Jatin M…
- **Respondents:** M/s Kashyap…; Ravneet…
- **Advocates:** Sunil S…; Ravneet…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2019-03-05 — CIRP Init…**: Application under Section 7 of IBC admitted, initiating CIRP against M/s Kashyap Motors…

## 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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