# In the matter of Deogiri Infrastructure Private Limited

> NCLT judgment dated 2023-10-05. Citation: TCN-2023-NCLT-01393. The Resolution Professional of Deogiri Infrastructure Private Limited filed an application…

- **Court:** NCLT
- **Order date:** 5 Oct 2023
- **Citation:** TCN-2023-NCLT-01393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deogiri-infrastructure-private-limited-7fd14b1f

## Summary

### Background

The Resolution Professional of Deogiri Infrastructure Private Limited filed an application seeking liquidation of the Corporate Debtor under Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 29.03.2023, following an application by State Bank of India under Section 7 of the IBC. The Interim Resolution Professional (IRP) was appointed and subsequently confirmed as the Resolution Professional (RP). Public announcement was made on 05.04.2023, and a Committee of Creditors (CoC) was constituted based on the claims received. Four CoC meetings were held during the CIRP period. The RP received claims from financial and operational creditors, as well as

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## Facts

Deogiri Infrastructure Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application by State Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP commenced on 29.03.2023. Mr. Shailesh Bhalchandra Desai was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 05.04.2023, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, comprising State Bank of India, Bank of Baroda, and Indian Bank, holding 65.23%, 17.79%, and 16.98% voting shares, respectively. Four CoC meetings were conducted. The RP received claims from financial creditors, operational

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1)(a) read with …

**Ratio:** Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 83.02% voting shares,

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**Interpretation:** Section 33(1)(a) and 33(2) of the IBC provide the legal basis for initiating

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**Application:** In this case, the CoC, with a significant majority, determined that liquidation

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Shailesh Bhalchand…
- **Respondents:** Deogiri Infrastruc…; State Bank of…

## Timeline

- **2022-01-01 — C.P. No. 429…**: The matter was registered…
- **2023-03-29 — Admission in…**: Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) vide…

## 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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