# In the matter of Arkom Telecommunications Private Limited

> NCLT judgment dated 2024-08-29. Citation: TCN-2024-NCLT-00737. The case involves an Interlocutory Application (IA-64/2024) filed in Company Petition…

- **Court:** NCLT
- **Order date:** 29 Aug 2024
- **Citation:** TCN-2024-NCLT-00737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arkom-telecommunications-private-limited-613d2078

## Summary

### Background

The case involves an Interlocutory Application (IA-64/2024) filed in Company Petition (CP(IB)-178(MB)/2022) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of Arkom Telecommunications Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Arkom Telecommunications Private Limited on 25.07.2023. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional (RP). The CoC was initially formed with Bharat Sanchar Nigam Limited (BSNL) as the sole member, later reconstituted with Axis Bank and Veegent Technology Pvt. Ltd. The CoC approved the liquidation of the Corporate Applicant with a 67.34% majority in its fifth meeting held on 12.04.2024.

## Facts

On 25.07.2023, the Tribunal initiated Corporate Insolvency Resolution Process (CIRP) against Arkom Telecommunications Private Limited under Section 10 of the IBC, 2016. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional (RP). The Committee of Creditors (CoC) was initially formed with Bharat Sanchar Nigam Limited (BSNL) as the sole member, and later reconstituted with Axis Bank and Veegent Technology Pvt. Ltd. The RP sought approval for the publication of Form G, which was not approved by the CoC. The Fifth CoC meeting was held on 12.04.2024, where the liquidation of the Corporate Applicant was approved with a 67.34% majority. The CoC estimated the liquidation cost and resolved to sell the Corporate Debtor as a going

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Arkom Telecommunications Private Limited under Section …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC approved the liquidation of the Corporate Applicant with a 67.34% majority in its

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**Interpretation:** Section 33(2) provides the legal basis for the CoC to decide on liquidation.

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**Application:** The CoC's approval with a 67.34% majority satisfies the requirement under

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Manmohan…
- **Respondents:** Arkom Telecommunic…

## Timeline

- **2023-07-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Arkom…
- **2023-07-25 — Appointment…**: The applicant was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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