# Goutam Mukherjee Vs Nadia Construction Private Limited

> NCLT judgment dated 2025-06-24. Citation: TCN-2025-NCLT-00739. The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 24 Jun 2025
- **Citation:** TCN-2025-NCLT-00739
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/goutam-mukherjee-vs-nadia-construction-private-limited-df9cff1b

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of Nadia Construction Private Limited. The CIRP was initiated based on a petition filed under Section 9 of the IBC by M/S Shristi Construction, an operational creditor. The Resolution Professional (RP), Mr. Goutam Mukherjee, filed IA(IBC)(LIQ.)/9(KB)2025 seeking liquidation of the Corporate Debtor. The CoC initially resolved to invite Expression of Interest (EOI) but later decided against re-issuing Form G due to lack of interest from resolution applicants and suggested liquidation.

## Facts

M/S Shristi Construction, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Nadia Construction Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). Goutam Mukherjee was appointed as the Interim Resolution Professional (IRP). The IRP made attempts to take control of the Corporate Debtor's assets, but the board of directors did not cooperate. The CIRP period was extended by 204 days and later by 157 days. The Committee of Creditors (CoC) initially sought Expression of Interest (EOI) from prospective resolution applicants but received no EOIs. The CoC then decided to initiate liquidation. State Bank of India (SBI), holding 99.72% voting share, initially agreed to proceed with liquidation but later requested

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Nadia Construction Private …

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

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**Reasoning:** The CoC approved the initiation of liquidation proceedings with a 99.72% vote share. The

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**Interpretation:** Section 33 of the IBC provides a framework for liquidation when resolution

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**Application:** The CoC's approval with a 99.72% vote share, coupled with the lack of

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Goutam Muk…
- **Respondents:** NADIA CONSTRUCTION…

## Timeline

- **2023-07-20 — Order for Initiation of…**: The Adjudicating Authority ordered the initiation of Corporate Insolvency Resolution…
- **2024-09-11 — Extension of CI…**: The Adjudicating Authority allowed an application (IA No. 762/2024) for extension of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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