# In the matter of I-VANTAGE INDIA PRIVATE LIMITED

> NCLT judgment dated 2025-04-24. Citation: TCN-2025-NCLT-00189. The application was filed by the Resolution Professional of I-Vantage India Private Limited,…

- **Court:** NCLT
- **Order date:** 24 Apr 2025
- **Citation:** TCN-2025-NCLT-00189
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/i-vantage-india-private-limited-7e472cf6

## Summary

### Background

The application was filed by the Resolution Professional of I-Vantage India Private Limited, seeking to liquidate the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Tribunal had previously appointed Mr. Murali Mohan Chevuturi as Interim Resolution Professional on 2024-07-08. A public announcement was issued on 2024-07-16, inviting claims, which were verified, and a Committee of Creditors was constituted on 2024-07-22.

## Facts

The Resolution Professional of I-Vantage India Private Limited filed an application seeking liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. Mr. Murali Mohan Chevuturi was appointed as Interim Resolution Professional. A public announcement was made, inviting claims, and a Committee of Creditors was formed. Despite inviting expressions of interest, no resolution plans were received. The CIRP period of 240 days concluded on 2025-03-05, with a 15-day extension until 2025-03-21. The Committee of Creditors approved liquidation on 2025-03-30. The Committee resolved that there was no need to explore compromise or arrangement and recommended exploring the sale of the Corporate Debtor as a going concern. The Tribunal allowed

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## Issues and analysis

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

**Ratio:** Section 33(1)(b) of the Insolvency and Bankruptcy Code allows for the initiation of

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**Reasoning:** The Tribunal noted that no resolution plan was received despite inviting expressions of

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**Interpretation:** Section 33(1)(b) provides the legal basis for initiating liquidation when the

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**Application:** Given the absence of resolution plans and the approval of the Committee of

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Murali Mohan…
- **Respondents:** I-Vantage India…; Bank of Maharashtr…
- **Advocates:** Arun Am…

## Timeline

- **2024-07-08 — Order Da…**: Tribunal appointed Mr.Murali Mohan…
- **2024-07-16 — Public Annou…**: Public Announcement Notice…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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