# In the matter of Quantum Concrete LLP IA No. 2-KB-2021 in CP (IB) No. 1573-KB-2019

> NCLT judgment dated 2021-01-22. Citation: TCN-2021-NCLT-03246. The case involves an application filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 22 Jan 2021
- **Citation:** TCN-2021-NCLT-03246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/quantum-concrete-llp-ia-no-2-kb-2021-in-cp-ib-no-1573-kb-2019-e8d5c759

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) seeking liquidation of the corporate debtor, Quantum Concrete LLP, due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor based on a petition filed by Vinod Kumar Agarwal, an operational creditor, under section 9 of the Insolvency and Bankruptcy Code, 2016. The IRP made public announcements to invite claims from creditors. The Committee of Creditors (CoC) was formed and reconstituted multiple times. Despite efforts, no resolution plan was approved, and the CoC decided to liquidate the LLP.

## Facts

Vinod Kumar Agarwal, an operational creditor, initiated CIRP against Quantum Concrete LLP. The IRP, Satish Patodia, was appointed. Public announcements were made to invite claims. The CoC was formed and reconstituted several times. No resolution plan was received despite efforts to solicit expressions of interest. The CoC unanimously decided to liquidate the LLP. The IRP submitted that he does not wish to continue as the liquidator. The Adjudicating Authority considered the submission and record, and ordered liquidation under Section 33(2) of the Code. Sushil Agarwal was appointed as the liquidator. The order directs the liquidator to initiate the liquidation process and issue public notices. The powers of the Board of Directors ceased and vested in the Liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Quantum Concrete LLP, should be …

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

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**Reasoning:** The CoC resolved by 100% voting share to liquidate the Corporate Debtor. The court

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CIRP fails

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**Application:** In this case, the CoC unanimously voted for liquidation, and the IRP informed

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Vinod Kumar…
- **Respondents:** Quantum Concrete…

## Timeline

- **2020-01-01 — Order for CIRP…**: The Adjudicating Authority passed an order for the initiation of the Corporate Insolvency…
- **2020-01-07 — Public Announcement by…**: The IRP made a public announcement in Form ‘A'…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(2) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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