# In the matter of Kanakadhara Ventures Private Limited

> NCLT judgment dated 2024-09-17. Citation: TCN-2024-NCLT-00590. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 17 Sept 2024
- **Citation:** TCN-2024-NCLT-00590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kanakadhara-ventures-private-limited-39c2b216

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Kanakadhara Ventures Private Limited, the Corporate Debtor, upon an application filed by IDBI Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 22.11.2019, and Sri B. Nagabhushanam was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Subsequently, IA No. 169/2021 was filed by the RP seeking liquidation of the Corporate Debtor under Section 33 of the IBC 2016. The Tribunal admitted the Corporate Debtor into liquidation on 17.08.2021 and appointed Mr. Chillale Rajesh as the Liquidator. The Liquidator made public announcements

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Kanakadhara Ventures Private Limited based on an application by IDBI Bank Limited under Section 7 of the IBC, 2016. The application was admitted on 22.11.2019. Sri B. Nagabhushanam was appointed as the IRP and later confirmed as the RP. Subsequently, IA No. 169/2021 was filed by the RP seeking liquidation under Section 33 of the IBC. The Tribunal admitted the company into liquidation on 17.08.2021 and appointed Mr. Chillale Rajesh as the Liquidator. The Liquidator made public announcements inviting claims. The Liquidator issued a call for Expressions of Interest (EOIs) via an e-auction notice dated 30.09.2023. M/s. Safe Bharat Enterprises Private Limited emerged as the highest bidder. IA No.

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## Issues and analysis

### Issue 1: Whether the Liquidation process of …

**Ratio:** Regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal considered the fact that the Corporate Debtor was successfully sold as a

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**Interpretation:** Regulation 45(3) provides the framework for closing the liquidation process,

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**Application:** In this case, the Liquidator successfully sold the Corporate Debtor as a going

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Kanakadhara…

## Timeline

- **2019-11-22 — CIRP Application…**: Tribunal admitted the application for Corporate Insolvency Resolution Process (CIRP)…
- **2019-12-23 — RP Confi…**: Sri B. Nagabhushanam confirmed as Resolution Professional (RP) during the first meeting…

## 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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