# In the matter of Laxmipati Balaji Infra Pvt. Ltd. I.A. No. 51-2020 in (TP 101-2019) C.P. (IB) No. 351-9-NCLT-AHM-2018

> NCLT judgment dated 2020-09-29. Citation: TCN-2020-NCLT-00505. The case involves an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 29 Sept 2020
- **Citation:** TCN-2020-NCLT-00505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/laxmipati-balaji-infra-pvt-ltd-ia-no-51-2020-in-tp-101-2019-cp-ib-no-351-9-nclt-0d333256

## Summary

### Background

The case involves an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation proceedings for Laxmipati Balaji Infra Pvt. Ltd., the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2019-06-07, following an application filed by the Operational Creditor under Section 9 of the IBC, 2016. An Interim Resolution Professional (IRP) was appointed, who made a public announcement of Expression of Interest in Form A on 2019-06-13. The IRP was later replaced by the Committee of Creditors (COC) in its first meeting on 2019-07-05, which was approved by the Adjudicating Authority on 2019-08-13. The Adjudicating Authority directed to re-notify

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## Facts

Laxmipati Balaji Infra Pvt. Ltd. (the 'Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 2019-06-07. An Interim Resolution Professional (IRP) was appointed and subsequently replaced by a Resolution Professional (RP) selected by the Committee of Creditors (COC). Despite extending the CIRP period by 90 days, no resolution plan was received. The COC, in its seventh meeting on 2020-02-12, unanimously decided to liquidate the Corporate Debtor. The COC resolved to appoint the RP as the liquidator, with a minimum fee of Rs. 1 Lac + GST expenses, as per Regulation 4 of the IBBI (liquidation process) Regulations, 2016. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Laxmipati Balaji Infra Pvt. Ltd., should be liquidated due to the …

**Ratio:** Section 33(1) of the IBC, 2016, allows for the initiation of liquidation when no

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**Reasoning:** The Committee of Creditors (COC) unanimously decided to liquidate the Corporate Debtor

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**Interpretation:** The interpretation of Section 33(1) is that if no resolution plan is approved

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**Application:** Since no resolution plan was received for Laxmipati Balaji Infra Pvt. Ltd., the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Vichitra Narayan…
- **Respondents:** Laxmipati Balaji…; Preeti Ajay…

## Timeline

- **2019-06-07 — CIRP Commen…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) following…
- **2019-06-13 — Public Annou…**: Interim Resolution Professional (IRP) made a public announcement of Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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