# In the matter of Vinayaga Infra Limited MA-419-2019 in CP-430-IB-2018

> NCLT judgment dated 2019-05-03. Citation: TCN-2019-NCLT-03506. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 May 2019
- **Citation:** TCN-2019-NCLT-03506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vinayaga-infra-limited-ma-419-2019-in-cp-430-ib-2018-049322f3

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding M/s. Vinayaga Infra Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP invited claims from creditors, which amounted to ₹30,36,90,99,134.91. The liquidation value, as per the valuers, was determined at ₹79 Lakhs. The Resolution Professional (RP) prepared an Information Memorandum and invited Expression of Interest (EOI). However, no Resolution Applicant came forward with a resolution plan. The Committee of Creditors (CoC) then passed a resolution suggesting the RP file an application for liquidation.

## Facts

M/s. Vinayaga Infra Limited faced insolvency proceedings under the IBC, 2016. An application was filed under Section 33(2) of the IBC for liquidation. An IRP was appointed after the admission of CP/430/IB/2018 on 05.10.2018. The IRP invited claims, which totaled ₹30,36,90,99,134.91. The liquidation value was determined to be ₹79 Lakhs. Despite efforts to find a resolution applicant, none came forward. The CoC approved a resolution for liquidation with 99.94% voting in their 3rd meeting held on 03.04.2019. The RP initiated a forensic audit due to concerns about the records. The CoC suggested the RP to file the application before this Bench for liquidation of the Company.

## Issues and analysis

### Issue 1: Whether the RP complied with the …

**Ratio:** The RP is required to follow the procedures outlined in the IBC, including inviting

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**Reasoning:** The court reviewed the documents and determined that the RP had complied with the

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**Interpretation:** The IBC mandates specific steps for the RP to follow during the CIRP, ensuring

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**Application:** In this case, the RP followed the required procedures, which supported the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Shri. C. Ramasubra…
- **Respondents:** M/s. Vinayaga…

## Timeline

- **2018-10-05 — Admission of CP/430/IB/2…**: CP/430/IB/2018 was admitted,…
- **2019-04-03 — CoC Meet…**: The CoC approved a resolution for liquidation…

## 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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