# In the matter of Samruddhi Realty Ltd. I.A. Nos. 34 & 117 of 2020 in C.P. (IB)No. 189-BB-2018

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01689. The case involves an application (I.A.No.116/2020) filed by Mr. V.V.Krishnamurthy, the…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samruddhi-realty-ltd-ia-nos-34-117-of-2020-in-cp-ibno-189-bb-2018-dfc4eed7

## Summary

### Background

The case involves an application (I.A.No.116/2020) filed by Mr. V.V.Krishnamurthy, the Resolution Professional (RP) of M/s. Samruddhi Realty Limited, seeking liquidation of the Corporate Debtor under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Moonbeam Advisory Private Limited under Section 9 of the IBC, claiming a default of Rs.1,73,41,155/-. The CIRP commenced on April 16, 2019. Several Committee of Creditors (CoC) meetings were held to explore resolution plans, but none were approved. The RP sought directions to scrutinize the affairs of the Corporate Debtor and refer the matter to the Serious Fraud Investigation Office (SFIO) based on a forensic

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## Facts

M/s. Moonbeam Advisory Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Samruddhi Realty Ltd. due to a default of Rs. 1,73,41,155. The CIRP was admitted on April 16, 2019, and Mr. SurenderDevasani was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Vedagiri Venkata Krishnamurthy replaced him as the Resolution Professional (RP). Several CoC meetings were conducted to explore resolution plans. The RP issued Form G multiple times to invite prospective resolution applicants. EY Restructuring LLP was appointed as the process and bid advisor. The CoC approved interim finance of INR 1 Crore. A total of 10 Expressions of Interest (EOIs) were received, and six applicants were shortlisted. Accurate Developers Private

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Samruddhi Realty Ltd., should be liquidated under Section 33 of …

**Ratio:** Section 33(1) of the IBC, 2016, mandates the Adjudicating Authority to pass an order for

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**Reasoning:** The Adjudicating Authority observed that the maximum period permitted for the completion

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if the CIRP fails to

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**Application:** In this case, the CIRP had failed to produce a resolution plan despite the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Vedagiri Venkata…
- **Respondents:** M/s.Samruddhi…; Ravindra Mallikarj…

## Timeline

- **2019-04-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Samruddhi Realty…
- **2019-05-01 — Public Annou…**: IRP made public announcement in Financial Express and Kannada Prabha, inviting claims…

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