# In the matter of Kolla Innovatives Infotech Private Limited I.A. No. 112 of 2021 in CP No. 216-9-AMR-2019

> NCLT judgment dated 2021-11-26. Citation: TCN-2021-NCLT-00383. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 26 Nov 2021
- **Citation:** TCN-2021-NCLT-00383
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kolla-innovatives-infotech-private-limited-ia-no-112-of-2021-in-cp-no-216-9-amr-acdc9335

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Kolla Innovatives Infotech Private Limited, and for the appointment of a Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Sai Ramesh Kanuparthi was appointed as the Interim Resolution Professional (IRP). The IRP made a paper publication inviting claims from creditors. The Committee of Creditors (CoC) was formed, and the IRP was appointed as the Resolution Professional. The Financial Creditor (Axis Bank), being the sole member of the CoC,

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Kolla Innovatives Infotech Private Limited after the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Sai Ramesh Kanuparthi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. A list of creditors was filed with the Tribunal, including Axis Bank as a Financial Creditor with a claim of Rs. 3,04,99,526 and Ingram Micro India Pvt Ltd as an Operational Creditor with a claim of Rs. 1,42,60,413. The Committee of Creditors (CoC) consisted of a single member, Axis Bank. The CoC, through e-voting, approved the liquidation of the Corporate Debtor with a 100% voting share, as no viable revival proposal was received.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Kolla Innovatives Infotech …

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

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**Reasoning:** The Tribunal reasoned that the CoC, with a 100% voting share, approved the liquidation of

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**Interpretation:** Section 33(2) is interpreted to mean that if the CoC, in its commercial wisdom,

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**Application:** In this case, the sole member of the CoC, Axis Bank, voted in favor of

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Sai Ramesh…
- **Respondents:** Kolla Innovatives…; 33 of…

## Timeline

- **2021-03-15 — Admission of…**: The Tribunal admitted the Petition i.e. CP (IB) No. 216/9/AMR/2019 under Section 9 of the…
- **2021-07-28 — Paper Publi…**: The IRP made a paper publication inviting claims from the creditors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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