# In the matter of Leo Primecomp Private Limited IA 196-(CHE)-2022 IVN.P (IBC)-3(CHE)-2022 in IBA-578-2019

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-04690. The case involves two connected applications filed in IBA/578/2019 seeking reliefs related to…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-04690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/leo-primecomp-private-limited-ia-196-che-2022-ivnp-ibc-3che-2022-in-iba-578-2019-6b78ea89

## Summary

### Background

The case involves two connected applications filed in IBA/578/2019 seeking reliefs related to the insolvency resolution process of M/s. Leo Primecomp Private Limited. The initial application, IBA/579/2019, was filed by State Bank of India (Financial Creditor) against M/s. Leo Primecomp Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 24.07.2019, and M.S.Viswanathan was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP).

## Facts

Originally IBA/579/2019 was filed by State Bank Of India against M/s. Leo Primecomp Private Limited under Section 7 of the Insolvency and Bankruptcy Code.

The application was admitted vide order dated 24.07.2019 and M.S.Viswanathan was appointed as an Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP).

Several CoC meetings were held to explore resolution plans, but none were successful.

The CoC decided to liquidate the Corporate Debtor due to the rejection of the resolution plan.

Ms. J. Karthiga was appointed as the liquidator for the Corporate Debtor.

An intervening petition filed by V Karthikayan, an unsuccessful resolution applicant, was dismissed.

The CIRP period was extended up to 19.04.2020.

…

## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, M/s. Leo Primecomp Private Limited, is justified …

**Ratio:** The Hon'ble Supreme Court in K. Sashidhar case has clearly laid down the law that upon

…

**Reasoning:** The CoC, consisting of the sole financial creditor, rejected the resolution plan due to

…

**Interpretation:** Section 33(1) of the I&B Code mandates the initiation of liquidation upon

…

**Application:** Since the CoC rejected the resolution plan, the Adjudicating Authority is

…

## Parties

- **Judges:** Ramalingam…; Ainlkum…
- **Appellants:** Mathur Sabhapathy…; V Karthi…
- **Respondents:** LEO Primecomp…; State Bank of…
- **Other parties:** J. Kart…; M.S. Viswa…
- **Advocates:** V. Maniv…; Ravi Rajag…

## Timeline

- **2019-07-24 — Admission of Ap…**: Application filed by State…
- **2019-07-24 — Appointment…**: M.S.Viswanathan was appointed as an…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chennai/leo-primecomp-private-limited-ia-196-che-2022-ivnp-ibc-3che-2022-in-iba-578-2019-6b78ea89