# In the matter of GVK Industries Limited I.A. No. 1302-2022 in C.P. (IB) No. 320-7-HDB-2020

> NCLT judgment dated 2022-12-15. Citation: TCN-2022-NCLT-00153. The case pertains to an application filed by the Resolution Professional of M/S GVK Industries…

- **Court:** NCLT
- **Order date:** 15 Dec 2022
- **Citation:** TCN-2022-NCLT-00153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gvk-industries-limited-ia-no-1302-2022-in-cp-ib-no-320-7-hdb-2020-ad6d0406

## Summary

### Background

The case pertains to an application filed by the Resolution Professional of M/S GVK Industries Limited, seeking an order for liquidation of the Corporate Debtor under Sections 33(2) and 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 21.04.2022. Mr. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC) on 24.05.2022. The CoC approved the eligibility criteria for Prospective Resolution Applicants (PRAs) and timelines for inviting Expression of Interests (EOIs). The last date for submission of EOIs was extended to 17.08.2022. The Applicant conducted due diligence and found 3

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Industries Limited on 21.04.2022. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Several Committee of Creditors (CoC) meetings were held to discuss the resolution process. The last date for submission of Expression of Interests (EOIs) was extended to 17.08.2022. Despite due diligence, no resolution plan was received. The CIRP period was set to end on 18.10.2022. The CoC approved the liquidation of the Corporate Debtor with a majority vote of 80.33% on 17.10.2022. Bank of Baroda and Canara Bank proposed Mr. K. Sai Ramesh as Liquidator, while Edelweiss ARC proposed Mr. Anil Kohli. The Resolution Professional offered a 50%

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/S GVK Industries Limited, should …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass an order for

…

**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with a 100% majority due to the

…

**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

…

**Application:** Since no resolution plan was received and the CoC approved liquidation with a

…

## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Jammu & Kashmir…
- **Respondents:** GVK Industr…

## Timeline

- **2020-01-01 — CP(IB) No. 320/7/HDB/202…**: Corporate Insolvency Resolution Process…
- **2022-04-21 — Tribunal…**: Tribunal orders initiation of CIRP…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gvk-industries-limited-ia-no-1302-2022-in-cp-ib-no-320-7-hdb-2020-ad6d0406