# 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-00780. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00780
- **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-2018-25513676

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, V.R. Infralogistics Private Limited, 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 as the 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), Mr. Pankaj Kumar Tibrewal, was initially appointed but later replaced by Mr. Shyamal Kumar Bhattacharjee. A public announcement was made on 29.07.2019, with 09.08.2019 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted with one operational creditor. The CoC decided not to approve the initial IRP as the RP. The publication for invitation of Eols in Form G was done on 13.01.2020, with a submission deadline of 28.01.2020,

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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 CoC resolved by 100% voting share to liquidate the Corporate Debtor, V.R.

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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 unanimous decision to liquidate the Corporate Debtor,

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## Parties

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

## Timeline

- **2019-07-18 — Order for CIRP…**: Adjudicating Authority ordered initiation…
- **2019-07-29 — Public Annou…**: Public announcement made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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