# In the matter of Kokama International Pvt. Ltd. MA 1111-2018 in C.P. (I.B)-56-7-(MB)-2018

> NCLT judgment dated 2018-10-30. Citation: TCN-2018-NCLT-00451. The case involves an application (MA 1111/2018) to pass an order under section 33(2) of the…

- **Court:** NCLT
- **Order date:** 30 Oct 2018
- **Citation:** TCN-2018-NCLT-00451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kokama-international-pvt-ltd-ma-1111-2018-in-cp-ib-56-7-mb-2018-6d19dd33

## Summary

### Background

The case involves an application (MA 1111/2018) to pass an order under section 33(2) of the Insolvency Code. The Resolution Professional (RP) is present with the Learned Representative. The Corporate Insolvency Resolution Process (CIRP) proceeded with a Committee of Creditors (COC) consisting of only one member, the Petitioner creditor. The RP declared that there was no Resolution Plan, and the only remaining asset was the factory premise and land. The COC decided to liquidate the assets.

## Facts

An application (MA 1111/2018) was filed to pass an order under section 33(2) of the Insolvency Code. The Resolution Professional (RP) and Learned Representative were present. The Committee of Creditors (COC) consisted of only one member, the Petitioner creditor. The RP declared that there was no Resolution Plan, and the only asset left was the factory premise and land. The COC decided to liquidate the assets. Two Valuation Reports were placed on record and considered. The basis of valuation was the comparative rate of the area and MIDC rate. The matter was adjourned to 20.12.2018.

## Issues and analysis

### Issue 1: Whether the application (MA 1111/2018) to pass an order under section 33(2) of the Insolvency Code …

**Ratio:** Section 33(2) of the Insolvency Code allows the Adjudicating Authority to pass an order

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**Reasoning:** The court examined the contents of the application and the resolution passed by the COC.

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** Given the absence of a resolution plan and the COC's decision to liquidate, the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Anil Sitaram…
- **Respondents:** Kokama Internation…

## Timeline

- **2018-10-30 — Order Sheet of…**: Order sheet of the hearing of Mumbai Bench…
- **2018-12-20 — Adjournmen…**: The matter is adjourned…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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