# In the matter of Kamachi Industries Limited IVN.P (IBC)-1(CHE)-2022 in IA-(IBC)-1074,1075,12113-CHE-2021 in IBA-883-2019

> NCLT judgment dated 2022-12-09. Citation: TCN-2022-NCLT-00197. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Dec 2022
- **Citation:** TCN-2022-NCLT-00197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kamachi-industries-limited-ivnp-ibc-1che-2022-in-ia-ibc-1074107512113-che-2021-i-6cff7b1f

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Kamachi Industries Limited, the Corporate Debtor, as a going concern. The CIRP was initiated under Section 7 of the IBC, 2016, and Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted, comprising five financial creditors with claims amounting to Rs. 1489.54 crore. The IRP prepared an Information Memorandum and invited Expression of Interest (EOI). The initial 180 days of CIRP ended during the COVID-19 pandemic, leading to applications for exclusion of the lockdown period and extension of CIRP. Resolution plans from three

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## Facts

The Corporate Debtor, Kamachi Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising five financial creditors with claims totaling Rs. 1489.54 crore. The RP invited Expression of Interest (EOI) and received resolution plans from three applicants. However, the CoC rejected both resolution plans with 100% voting. Subsequently, the CoC unanimously voted for liquidation of the Corporate Debtor as a going concern. Mr. Vinod Kothari, an erstwhile promoter, shareholder, and suspended Director,

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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(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC, in its commercial wisdom, unanimously voted for liquidation after the failure of

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** Since the CoC unanimously voted for liquidation, the Adjudicating Authority is

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Mr.Vikas…
- **Respondents:** Kamachi Industries…; KCT Global PTE…

## Timeline

- **2020-02-19 — Appointment…**: Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP) by the…
- **2020-02-27 — Public Annou…**: IRP caused public announcement calling for claims from the Creditors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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