# In the matter of Kambala Hospitality Pvt. Ltd. IA. No. 42 of 2023 in C.P.No.(IB) 38- (MB) of 2022

> NCLT judgment dated 2023-01-05. Citation: TCN-2023-NCLT-05189. The case pertains to an application filed by the Resolution Professional (RP) of Kambala…

- **Court:** NCLT
- **Order date:** 5 Jan 2023
- **Citation:** TCN-2023-NCLT-05189
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kambala-hospitality-pvt-ltd-ia-no-42-of-2023-in-cpnoib-38-mb-of-2022-58ad20f5

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Kambala Hospitality Private Limited, seeking liquidation of the Corporate Debtor under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of the financial creditor, resolved to liquidate the Corporate Debtor due to the lack of identifiable assets and the failure of the suspended director to provide complete information. The CoC unanimously approved the liquidation in their commercial wisdom.

## Facts

The Resolution Professional (RP) of Kambala Hospitality Private Limited filed an application seeking liquidation under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of the financial creditor Raghuleela Estates Private Limited, resolved to liquidate the Corporate Debtor. The RP was appointed in the first CoC meeting on 2022-10-13. The CoC decided to liquidate the Corporate Debtor due to the lack of identifiable assets and the failure of the suspended director to provide complete information. The CoC unanimously approved the liquidation in their commercial wisdom. The CoC also resolved to appoint Rajeev Mannadiar as the liquidator. The CoC ratified the expenses incurred by the RP and approved the plan for meeting

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Kambala Hospitality Private …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The CoC unanimously decided to liquidate the Corporate Debtor due to the lack of

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**Interpretation:** Section 33(3) provides that where the CoC, by requisite majority, resolves to

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**Application:** The CoC passed a resolution with 100% majority to liquidate the Corporate

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Respondents:** Kambala Hospitalit…

## Timeline

- **2022-10-13 — First CoC M…**: The Applicant was appointed as the Resolution Professional which was unanimously approved…
- **2022-11-05 — CoC Meet…**: The CoC meeting was held through video conferencing pursuant to the receipt of claim of…

## 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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