# In the matter of Chamber Constructions Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02506. The case involves multiple Interlocutory Applications (IAs) filed in connection with the…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chamber-constructions-private-limited-ff25ef17

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Chamber Constructions Private Limited. The CIRP was initiated following the admission of a company petition against the Corporate Debtor. The Resolution Professional (RP) was appointed and subsequently confirmed by the Committee of Creditors (CoC). Due to unavailability of requisite data, the transaction audit and determination of fair value and liquidation value could not be concluded. The CoC approved criteria for submission of Expression of Interest (EoI), and despite multiple attempts, no viable resolution plan was received. Consequently, the CoC resolved to initiate liquidation of the Corporate Debtor. The suspended directors

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Chamber Constructions Private Limited after a company petition was admitted on July 16, 2019. Rajender Kumar Girdhar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the unavailability of requisite data, the transaction audit and determination of fair value and liquidation value of the assets of the Corporate Debtor could not be concluded. The Committee of Creditors (CoC) made multiple attempts to invite resolution plans, but none were received. The CoC then resolved to initiate liquidation of the Corporate Debtor. The suspended directors of the Corporate Debtor, Gokul Anilkumar Aggarwal and Anubhav Anilkumar Aggarwal, filed

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## Issues and analysis

### Issue 1: Whether the claim of Bank of India …

**Ratio:** The liability of a borrower and a guarantor are independent of each other, and a creditor

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**Reasoning:** The NCLT reasoned that the claim of Bank of India was still due and payable under the

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**Interpretation:** This clarifies that a guarantor's liability is independent and arises upon

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**Application:** The NCLT applied this principle to dismiss the applicant's contention that Bank

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## Parties

- **Judges:** SH. Justice…; SH. PRABHAT…
- **Appellants:** Gokul Anilkumar…
- **Respondents:** Chamber Constructi…; Rajender Kumar…

## Timeline

- **2019-07-16 — Company Petition…**: The Company Petition against the Corporate Debtor was admitted, initiating the Corporate…
- **2019-08-19 — RP Confi…**: The Applicant was confirmed as the Resolution Professional by the Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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