# In the matter of Unishire Housing LLP I.A. Nos 628-2019 & 17-2020 in C.P. (IB)No.172-BB-2019

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02453. The case involves an application filed under Section 33(2), 34(4), and 60(5) of the Insolvency…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02453
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unishire-housing-llp-ia-nos-628-2019-17-2020-in-cp-ibno172-bb-2019-f78198b2

## Summary

### Background

The case involves an application filed under Section 33(2), 34(4), and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the liquidation of the Corporate Debtor, M/s. Unishire Housing LLP. The Corporate Insolvency Resolution Process (CIRP) was initiated following a default of Rs. 21,58,04,027.39/- to M/s. VSL Securities Private Limited. The Committee of Creditors (CoC) ultimately approved the liquidation of the Corporate Debtor with a 70.97% vote.

## Facts

M/s. VSL Securities Private Limited initiated CIRP against M/s. Unishire Housing LLP due to a default of Rs. 21,58,04,027.39/-. The CIRP was initiated on 31.07.2019. Shri Gonugunta Murali was initially appointed as the IRP, later replaced by Shri Hari Babu Thota. Public announcements were made on 17th August, 2019, in Indian Express and Kannada Prabha newspapers. The CoC was constituted, comprising various financial creditors, including Altico Capital India Ltd. and VSL Securities Pvt. Ltd. The IRP received claims totaling Rs. 2,35,72,27,259/- and admitted claims of Rs. 2,33,24,02,526/-. The CoC approved the liquidation of the Corporate Debtor with 70.97% voting share. The available liquid assets were estimated at Rs. 39,60,000/- in an Escrow Account at HDFC Bank.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Unishire Housing LLP, should be liquidated under the provisions …

**Ratio:** Section 33 of the IBC, 2016, allows the Adjudicating Authority to pass an order for

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**Reasoning:** The Committee of Creditors (CoC) explored all possibilities for a resolution plan but

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**Interpretation:** Section 33 of the IBC provides a framework for liquidation when resolution

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**Application:** In this case, the CoC's decision to liquidate, coupled with the absence of a

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s Unishire…

## Timeline

- **2019-07-31 — CIRP Init…**: CIRP initiated against…
- **2019-08-17 — Public Annou…**: Public announcement made in Indian…

## Legal provisions

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

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