# In the matter of Uthrakalimman Infrastructures Private Limited MA-612-IB-2018 In CP-292-IB-CB-2018

> NCLT judgment dated 2019-01-07. Citation: TCN-2019-NCLT-05308. The case involves an application for liquidation of the Corporate Debtor, M/s. Uthrakalimman…

- **Court:** NCLT
- **Order date:** 7 Jan 2019
- **Citation:** TCN-2019-NCLT-05308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uthrakalimman-infrastructures-private-limited-ma-612-ib-2018-in-cp-292-ib-cb-201-05745f35

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, M/s. Uthrakalimman Infrastructures Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Edelweiss Asset Reconstruction Company Limited, the Financial Creditor. The Corporate Debtor was admitted into CIRP, and an Interim Resolution Professional was appointed. During the CIRP, it was found that the Corporate Debtor had no office, directors, staff, or records, and the Statutory Auditor did not respond. The Committee of Creditors (CoC) was informed of these issues. No viable resolution plan could be formulated, leading to a resolution for liquidation proposed and approved by

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## Facts

The Edelweiss Asset Reconstruction Company Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Uthrakalimman Infrastructures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was admitted, and CIRP commenced. The Corporate Debtor had no office, directors, staff, or records, and the Statutory Auditor did not respond. The Committee of Creditors (CoC) was informed of these issues. No viable resolution plan could be evolved. The CoC resolved to liquidate the Corporate Debtor. The Resolution Professional (RP) received only one claim from the Financial Creditor. The expenses incurred during the CIRP amounted to Rs. 2,900,249/-. Two Registered Valuers were appointed to determine the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Uthrakalimman Infrastructures Private Limited, should be …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the facts presented by the Resolution Professional

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**Interpretation:** Section 33(1)(a) provides a legal basis for liquidation when CIRP fails to

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**Application:** Given the absence of a viable resolution plan and the CoC's recommendation, the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** M/s.Uthrakalimman…

## Timeline

- **2018-05-14 — Order Da…**: Order stating the…
- **2018-11-14 — Applicatio…**: Application filed by Mr.…

## Legal provisions

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

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