# In the matter of Hi-Point Investment & Finance Pvt. Ltd.

> NCLT judgment dated 2023-10-05. Citation: TCN-2023-NCLT-01396. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Oct 2023
- **Citation:** TCN-2023-NCLT-01396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hi-point-investment-finance-pvt-ltd-af8b011d

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Hi Point Investment Finance Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 29.05.2018, following a petition filed by the Financial Creditor, IFCI Limited, under section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Vikram Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). Form G was published to invite resolution plans, but no viable plan was received. An application (IA No. 2281/2021) was filed by Art Construction Private Limited (“ACPL”) seeking to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hi Point Investment Finance Pvt. Ltd. on 29.05.2018, following a petition by the Financial Creditor, IFCI Limited. Mr. Vikram Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Form G was published to invite resolution plans. An EOI was received from M/s JS Grover Constructions, but the Prospective Resolution Applicant did not comply with the request to provide financial statements and a net worth certificate. The CoC unanimously recommended liquidation on 31.10.2018, as no viable resolution plan was received. The RP expressed an inability to continue the assignment. Art Construction Private Limited (“ACPL”) filed an

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Hi Point Investment Finance Pvt. …

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

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**Reasoning:** The Adjudicating Authority considered the fact that no viable resolution plan was

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** Given that no viable resolution plan was received and the CoC recommended

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Vikram…
- **Respondents:** M/s Hi Point…; M/S. IFCI L…

## Timeline

- **2017-01-01 — CP (IB) No.478…**: Filing of the Corporate…
- **2018-05-29 — Initiation…**: Adjudicating Authority directed initiation…

## 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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