# In the matter of  GVS Infra & Industries Private Limited I.A. No. 569-2022 in C.P. (IB) No.353-07-HDB-2020

> NCLT judgment dated 2022-09-21. Citation: TCN-2022-NCLT-00985. The case involves an Interlocutory Application filed by the Resolution Professional of GVS…

- **Court:** NCLT
- **Order date:** 21 Sept 2022
- **Citation:** TCN-2022-NCLT-00985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gvs-infra-industries-private-limited-ia-no-569-2022-in-cp-ib-no353-07-hdb-2020-39d5d935

## Summary

### Background

The case involves an Interlocutory Application filed by the Resolution Professional of GVS Infra & Industries Private Limited, seeking an order for liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and an Interim Resolution Professional was appointed. Public announcement was made inviting claims from creditors. The Committee of Creditors (CoC) was reconstituted. The CoC initially resolved to liquidate the Corporate Debtor but later decided to seek Expression of Interest (EOI) for a resolution plan. However, no EOI was received. Subsequently, the CoC resolved to liquidate the Corporate Debtor with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against GVS Infra & Industries Private Limited. S. Kasturi Rangan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India, UCO Bank, and SREI Equipment Finance Limited. The CoC initially resolved to liquidate the Corporate Debtor but then decided to seek Expression of Interest (EOI) for a resolution plan. Despite extending the deadline, no EOI was received. Consequently, the CoC, in its 5th meeting, resolved to liquidate the Corporate Debtor with 100% voting share. The RP submitted that there were no

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## Issues and analysis

### Issue 1: Whether liquidation of the Corporate …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016 allows the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the maximum

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

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**Application:** Since no resolution plan was received and the CoC resolved to liquidate the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** S. Kasturi…
- **Respondents:** GVS Infra &…; UCO B…

## Timeline

- **2021-10-01 — Admission of CP (IB)…**: The Tribunal admitted the Corporate Insolvency…
- **2021-10-08 — Public Annou…**: Interim Resolution Professional made a public announcement intimating the commencement of…

## 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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