# In the matter of V R Infralogistics Private Limited IA (IB) No. 68-KB-2021 in CP (IB) No. 90-KB-2018

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00779. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00779
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v-r-infralogistics-private-limited-ia-ib-no-68-kb-2021-in-cp-ib-no-90-kb-2018-12df4c4d

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of V.R. Infralogistics Private Limited, the Corporate Debtor, due to the absence of a viable resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by T.P. Roy Chowdhury & Co. Private Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was initially appointed, later replaced by Mr. Shyamal Kumar Bhattacharjee, who was approved as the Resolution Professional (RP).

## Facts

T.P. Roy Chowdhury & Co. Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against V.R. Infralogistics Private Limited. An Interim Resolution Professional (IRP) was appointed and subsequently replaced by Mr. Shyamal Kumar Bhattacharjee as the Resolution Professional (RP). A public announcement was made on 2019-07-29, with 2019-08-09 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted with one Operational Creditor. The CoC, in its 8th meeting held on 2020-10-16, decided to liquidate the Corporate Debtor due to the absence of a resolution plan, supported by a 100% voting share. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, V.R. Infralogistics Private …

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

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**Reasoning:** The Committee of Creditors (CoC) resolved by 100% voting share to liquidate the Corporate

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**Interpretation:** Section 33(2) provides a clear framework for liquidation when a resolution plan

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**Application:** In this case, the CoC's decision to liquidate V.R. Infralogistics Private

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** T.P. Roy Chowdhury…
- **Respondents:** V.R. Infralogistic…

## Timeline

- **2019-07-18 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2019-07-29 — Public Annou…**: Public announcement was made in Financial Express (English) and Ek Din (Bengali) Kolkata…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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