# In the matter of Value Infratech India Pvt. Ltd. (IB)-771(PB)-2018

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03415. The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) based…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/value-infratech-india-pvt-ltd-ib-771pb-2018-6fa1e339

## Summary

### Background

The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) based on a resolution passed by the Committee of Creditors (CoC) with 96.7% voting. The Corporate Debtor's only asset was a land in Ghaziabad, and it had not been operational for a long time. The last balance sheet available on the MCA Portal was for the years 2012-2013. The directors of the Corporate Debtor were also untraceable. Consequently, the CoC sought liquidation of the Corporate Debtor. An application was moved by Capri Global Capital Limited under Section 7 of IBC against the Corporate Debtor, which was admitted on 03.01.2020.

## Facts

Capri Global Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Value Infratech India Pvt. Ltd., which was admitted on 03.01.2020. The Committee of Creditors (CoC) passed a resolution with 96.7% voting to liquidate the Corporate Debtor, Value Infratech India Pvt. Ltd., because the company's only asset was a land in Ghaziabad, it had not been operational for a long time, and its directors were untraceable. The last available balance sheet was for the years 2012-2013. The Resolution Professional (RP) was appointed as the Liquidator, and the CoC sought liquidation. The application for appointment of Authorized Representative remained pending for a long time, and the RP could not get home buyers approval until before

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, Value Infratech India Pvt. Ltd., is justified …

**Ratio:** Section 33(2) of the IBC allows for liquidation based on a resolution passed by the CoC.

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**Reasoning:** The court reasoned that the company had not been working for a long time, its directors

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**Interpretation:** Section 33(2) of the IBC is interpreted to allow liquidation when the Corporate

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**Application:** The court applied the ratio to the facts, noting that Value Infratech India

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Capri Global…
- **Respondents:** Value Infratech…

## Timeline

- **2020-01-03 — Company Petition…**: The Company Petition filed by Capri Global Capital Limited under Section 7 of IBC against…
- **2020-12-12 — CoC Meet…**: The CoC held a meeting to discuss the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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