# In the matter of Bhavya Infrastructures (India) Pvt. Ltd.

> NCLT judgment dated 2023-10-17. Citation: TCN-2023-NCLT-01158. The application I.A. No. 74/2022 was filed by the Resolution Professional, Mr. Laxman Digambar…

- **Court:** NCLT
- **Order date:** 17 Oct 2023
- **Citation:** TCN-2023-NCLT-01158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhavya-infrastructures-india-pvt-ltd-0c0aa847

## Summary

### Background

The application I.A. No. 74/2022 was filed by the Resolution Professional, Mr. Laxman Digambar Pawar, seeking liquidation of Bhavya Infrastructure India Pvt. Ltd. under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor after the admission of a petition under Section 7 of the Code filed by CFM Asset Reconstruction Company Private Limited. The applicant was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. Form G was published inviting Expression of Interest, but no resolution plan was received. The CoC proposed an extension of the CIRP, which was not approved. Subsequently, the CoC passed a resolution for liquidation with

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## Facts

The Resolution Professional, Mr. Laxman Digambar Pawar, filed an application (I.A. No. 74/2022) seeking the liquidation of Bhavya Infrastructure India Pvt. Ltd. CFM Asset Reconstruction Company Private Limited initiated the Corporate Insolvency Resolution Process (CIRP) against Bhavya Infrastructure India Pvt. Ltd. after the admission of their petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional published Form G twice to invite Expression of Interest from potential resolution applicants, but no resolution plan was received. The CoC proposed an extension of the CIRP period, which was not approved. Subsequently, the CoC, in its ninth meeting held on 27.08.2021, resolved with 100% voting to liquidate the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Bhavya Infrastructure India Pvt. Ltd., should be liquidated due to …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Tribunal noted that despite multiple attempts to find a resolution applicant,

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to achieve

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**Application:** In this case, the failure to receive a resolution plan after multiple attempts,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** LaxmanDigambarPawa…
- **Respondents:** Bhavya Infrastruct…; CFM Asset…

## Timeline

- **2020-02-17 — Admission of…**: Tribunal admitted the petition under Section 7 of the Code filed by CFM Asset…
- **2020-11-10 — Publication o…**: Form G inviting Expression…

## Legal provisions

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

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