# In the matter of Ceebuild Company Private Limited IA(IBC)-1435(KB)2022 in CP(IB)-696(KB)2020

> NCLT judgment dated 2022-12-27. Citation: TCN-2022-NCLT-00012. The case involves an application (IA(IBC)/1435(KB)2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 27 Dec 2022
- **Citation:** TCN-2022-NCLT-00012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ceebuild-company-private-limited-iaibc-1435kb2022-in-cpib-696kb2020-0450abbf

## Summary

### Background

The case involves an application (IA(IBC)/1435(KB)2022) filed by the Resolution Professional (RP) of Ceebuild Company Private Limited, the Corporate Debtor, seeking liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Mr. Raj Kumar Sharma, an Operational Creditor, vide order dated 17/02/2022. Mr. Bishwanath Choudhary was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 24/02/2022, inviting claims from creditors. A Committee of Creditors (CoC) was constituted on 11/03/2022, consisting solely of Indian Bank with 100% voting share.

## Facts

Mr. Raj Kumar Sharma, an Operational Creditor, initiated CIRP against Ceebuild Company Private Limited (Corporate Debtor) via an order dated 17/02/2022. Mr. Bishwanath Choudhary was appointed as the IRP. A public announcement was made on 24/02/2022, inviting claims. The CoC was formed on 11/03/2022, comprising only Indian Bank with 100% voting share. Ms. Rachna Jhunjhunwala replaced Mr. Bishwanath Choudhary as the RP on 16/03/2022. Two resolution plans were received from Ms. Ritika Daga and Ashish Industrial Corporation. The CoC, in its 13th meeting on 12/10/2022, resolved to liquidate the Corporate Debtor with 100% voting share. The CIRP period ended on 14/10/2022, considering the extension granted. The CoC decided not to approve the resolution plans. Ms. Rachna

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ceebuild Company Private Limited, …

**Ratio:** Section 33(2) of the Code states that where the Adjudicating Authority does not receive a

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**Reasoning:** The CoC, with 100% voting share, recommended liquidation after the resolution plans were

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**Interpretation:** The legal principle is that if the resolution process fails and the CoC decides

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**Application:** The CoC voted for liquidation, and the CIRP period expired. Therefore, the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Raj Kumar…
- **Respondents:** Ceebuild Company…
- **Advocates:** Shaunak…; Shreya Cha…; +3 more

## Timeline

- **2022-02-17 — CIRP Init…**: Order passed for initiation of…
- **2022-02-24 — Public Annou…**: Public announcement made…

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