# In the matter of K.K. Welding Ltd. IA No. 1802-2020 in CP (IB) No. 1523-MB-2019

> NCLT judgment dated 2021-01-07. Citation: TCN-2021-NCLT-03365. The matter concerns the liquidation of the Corporate Debtor, K K Welding Ltd. The Corporate…

- **Court:** NCLT
- **Order date:** 7 Jan 2021
- **Citation:** TCN-2021-NCLT-03365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kk-welding-ltd-ia-no-1802-2020-in-cp-ib-no-1523-mb-2019-e9da7110

## Summary

### Background

The matter concerns the liquidation of the Corporate Debtor, K K Welding Ltd. The Corporate Debtor was admitted into CIRP on 2019-09-28. The CIRP process was carried out, but no Expression of Interest (EoI) was received. Consequently, the Committee of Creditors (CoC) resolved on 2020-09-03 to liquidate the Corporate Debtor.

## Facts

The Corporate Debtor, K K Welding Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-09-28. During the CIRP, no Expression of Interest (EoI) was received, indicating a lack of interest in the company's revival. Consequently, the Committee of Creditors (CoC) passed a resolution on 2020-09-03 to liquidate the Corporate Debtor. The Resolution Professional then filed an application for liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC). The CoC also passed resolutions for the payment of the Liquidator and appointed Mr. Jayantilal Jain as the Liquidator. The proposed Liquidator provided his consent in Form - 2. The court found the application to be in accordance with Section 33(2) of the Code.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, K K Welding Ltd., should be …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The court reasoned that since no Expression of Interest (EoI) was received during the

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**Interpretation:** Section 33(2) provides a legal basis for liquidation when revival is not

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**Application:** In this case, the absence of EoI during CIRP and the CoC's resolution to

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** STANDARD CHARTERED…
- **Respondents:** K K Weldin…

## Timeline

- **2019-09-28 — CIRP Init…**: Corporate Debtor came under…
- **2020-09-03 — CoC Resolution for…**: The CoC passed a resolution for the…

## 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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