# In the matter of MVK Global Enterprises Private Limited IA No. 8 of 2021 in CP (IB) No. 197-9-AMR-2019

> NCLT judgment dated 2021-03-17. Citation: TCN-2021-NCLT-02673. The case involves an application (I.A. No.8/2021) filed in a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 17 Mar 2021
- **Citation:** TCN-2021-NCLT-02673
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mvk-global-enterprises-private-limited-ia-no-8-of-2021-in-cp-ib-no-197-9-amr-201-73fe02db

## Summary

### Background

The case involves an application (I.A. No.8/2021) filed in a Corporate Insolvency Resolution Process (CIRP) under Section 60(5) of the IBC Code, 2016, related to M/s. MVK Global Enterprises Private Limited. The CIRP was initiated via a company petition (CP (IB) No.197/9/AMR/2019) filed under section 9 of the IBC Code by the applicant, who is also the Corporate Debtor. The initial Resolution Professional (IRP), Mr. Kalyanam Raja Gopal, expressed his unwillingness to continue due to the Covid situation. Subsequently, Mr. Mannava Divakara Sarma was appointed as the IRP. The IRP found the Corporate Debtor's premises locked and unoccupied. A public announcement was made inviting claims, and only one claim was received from M/s. Viki Industries Private Limited, the

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## Facts

M/s. MVK Global Enterprises Private Limited was undergoing CIRP based on a company petition (CP (IB) No.197/9/AMR/2019) filed under section 9 of the IBC Code. Mr. Kalyanam Raja Gopal was initially appointed as the IRP but later expressed his unwillingness to continue due to the Covid situation. Mr. Mannava Divakara Sarma was then appointed as the IRP on 18.12.2020. The IRP visited the Corporate Debtor's registered office on 19.12.2020 but found it locked. A public announcement was made on 21.02.2020, inviting claims from creditors. Only one claim was received from M/s. Viki Industries Private Limited, the Operational Creditor, for Rs.37,10,649/-, which was admitted. The Operational Creditor became the sole member of the CoC. The IRP stated that there were no assets and

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## Issues and analysis

### Issue 1: Whether the CIRP process should continue given the absence of assets and liabilities of the …

**Ratio:** The purpose of the IBC is to resolve insolvency and maximize the value of assets. If

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**Reasoning:** The court considered the submissions of the Resolution Professional and the Operational

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**Interpretation:** The interpretation of the IBC suggests that the CIRP process is designed to

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**Application:** In this case, the Corporate Debtor had no assets or liabilities, and the

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** Sri.Mannava…
- **Respondents:** MVK Global…; M/s. Viki…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition numbered as CP (IB) No.197/9/AMR/2019 filed against M/s.MVK Global…
- **2020-05-20 — Order Appoint…**: Mr.Kalyanam Raja Gopal (IRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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