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

> NCLT judgment dated 2023-10-05. Citation: TCN-2023-NCLT-01384. 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-01384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hi-point-investment-finance-pvt-ltd-be245cba

## 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 following a petition filed by the Financial Creditor, IFCI Limited, under Section 7 of the IBC. 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, but no viable plan was received. An application (IA No. 2281/2021) was filed by Art Construction Private Limited (ACPL) seeking to submit a resolution plan under Section 30 of the IBC, but it was later dismissed due to

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## Facts

IFCI Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Hi Point Investment Finance Pvt. Ltd. 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). Despite publishing Form G to invite resolution plans, no viable resolution plan was received within the stipulated time. The Committee of Creditors (CoC) unanimously recommended liquidation in their 5th meeting on 2018-10-31. The RP stated his inability to continue as liquidator due to personal and professional reasons. Art Construction Private Limited (ACPL) filed IA No. 2281/2021 seeking to submit a resolution plan under Section 30 of the

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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 Committee of Creditors (CoC) unanimously recommended liquidation due to the absence

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**Interpretation:** Section 33(2) is interpreted to mean that if all efforts to revive the

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**Application:** Since 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 — Order for CIRP…**: 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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