# In the matter of HPT Constructions Pvt. Ltd. (IB)-230(PB)-2021

> NCLT judgment dated 2022-09-02. Citation: TCN-2022-NCLT-01185. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hpt-constructions-pvt-ltd-ib-230pb-2021-8779db7e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, HPT Constructions Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by the Financial Creditor, M/s Kaliber Associates Pvt. Ltd., under Section 7 of the Insolvency and Bankruptcy Code, 2016. The RP, Mr. Rajiv Bajaj, was appointed and later confirmed. The Committee of Creditors (CoC) approved the liquidation proposal with a 100% voting share.

## Facts

M/s Kaliber Associates Pvt. Ltd., acting as the Financial Creditor, initiated proceedings against HPT Constructions Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority ordered the commencement of the Corporate Insolvency Resolution Process (CIRP) on 2022-04-01 and appointed Mr. Rajiv Bajaj as the Interim Resolution Professional (IRP), who was later confirmed as the RP. The RP filed an application seeking liquidation of the Corporate Debtor, citing its defunct status, lack of a business model, absence of employees, non-participation of the suspended board of directors in the CIRP, and the absence of tangible assets or a resolution plan. The Committee of Creditors (CoC) approved the liquidation

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016 allows the Adjudicating Authority to order the liquidation

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**Reasoning:** The Adjudicating Authority considered the RP's submissions regarding the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The Adjudicating Authority applied Section 33(2) to the facts of the case,

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** M/s Kaliber…
- **Respondents:** HPT Constructions…
- **Advocates:** Vinod Kumar…

## Timeline

- **2022-04-01 — CIRP Init…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2022-07-20 — CoC Approval for…**: The Committee of Creditors (CoC) approved the…

## 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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