# In the matter of Kieon Developers Private Limited IA. No. 3353 of 2022 in C.P.(IB)2489(MB) of 2018

> NCLT judgment dated 2022-12-20. Citation: TCN-2022-NCLT-00106. The case pertains to an application (I.A. No. 3353 of 2022) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 20 Dec 2022
- **Citation:** TCN-2022-NCLT-00106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kieon-developers-private-limited-ia-no-3353-of-2022-in-cpib2489mb-of-2018-2659007d

## Summary

### Background

The case pertains to an application (I.A. No. 3353 of 2022) filed by the Resolution Professional, Mr. Devang Sampat, seeking liquidation of Kieon Developers Private Limited, the Corporate Debtor, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (COC) of the Corporate Debtor unanimously resolved to liquidate the Corporate Debtor. The CIRP was initiated based on an application filed by an Operational Creditor, which was admitted on 2019-11-13. An interim resolution professional was appointed, and claims were invited. The COC later resolved to replace the initial resolution professional. The COC approved the resolution for liquidation with 97.27% of the total voting share.

## Facts

The Resolution Professional, Mr. Devang Sampat, filed an application (I.A. No. 3353 of 2022) seeking liquidation of Kieon Developers Private Limited, the Corporate Debtor, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated based on an application filed by an Operational Creditor, which was admitted on 2019-11-13. Ms. Tanuja Jalan was appointed as Interim Resolution Professional and invited claims. The Committee of Creditors (COC) unanimously resolved to liquidate the Corporate Debtor. The COC approved the resolution for liquidation with 97.27% of the total voting share. The initial period of 180 days expired on 2020-05-12. The COC passed a resolution for replacement of the erstwhile resolution professional on 2020-09-14. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Kieon Developers Private Limited, …

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

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**Reasoning:** The Committee of Creditors (COC) of the Corporate Debtor unanimously resolved to

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**Interpretation:** Section 33(3) provides a mechanism for the COC to decide on the liquidation of

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**Application:** In this case, the COC unanimously resolved to liquidate the Corporate Debtor,

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Respondents:** Kieon Developers…
- **Advocates:** Amir Ars…

## Timeline

- **2018-01-01 — C.P.(IB)2489(MB…**: Filing of C.P.(IB)2489(M…
- **2019-11-13 — CIRP Init…**: Application filed by the Operational…

## 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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