# In the matter of Kikani International Private Limited IA-(IBC)-1457-CHE-2022 in IBA-587-2020

> NCLT judgment dated 2023-05-01. Citation: TCN-2023-NCLT-03546. The case involves an application (IA/1457/CHE/2022) filed in IBA/587/2020 under Section 33(1)…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kikani-international-private-limited-ia-ibc-1457-che-2022-in-iba-587-2020-7068e2e0

## Summary

### Background

The case involves an application (IA/1457/CHE/2022) filed in IBA/587/2020 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, concerning Kikani International Private Limited. The application seeks orders to liquidate the Corporate Debtor. The CIRP was initiated based on an application filed under Section 9 of the IBC, 2016, by an Operational Creditor, M/s. KRT Mills Pvt Limited. An Interim Resolution Professional (IRP), Mr. Arpit Kothari, was initially appointed. Subsequently, Mr. S. Kangayan was appointed as the Resolution Professional (RP) upon the request of the Committee of Creditors (CoC). However, no resolution plan was approved by the CoC within the stipulated timeframe, leading to the current application for liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Kikani International Private Limited based on an application filed by M/s. KRT Mills Pvt Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Arpit Kothari was initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. S. Kangayan was appointed as the Resolution Professional (RP) at the request of the Committee of Creditors (CoC). The RP filed an application (IA/999/2022), which was dismissed by the Tribunal on 31.10.2022. The 180-day CIRP period concluded on 08.07.2022 without any resolution plan being placed before the CoC for approval. The RP filed Form-H, indicating the failure of the resolution process. The Authorization for Assignment (AFA)

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Kikani International Private Limited, should be liquidated under …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, stipulates that where

…

**Reasoning:** The Tribunal reasoned that the 180-day CIRP period concluded on 08.07.2022 without any

…

**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

…

**Application:** In this case, the CIRP failed to produce a resolution plan within the 180-day

…

## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** S. Kang…
- **Respondents:** Kikani Internation…
- **Advocates:** Anant Mer…

## Timeline

- **2020-01-01 — Application…**: Application in IBA/587/2020 filed under Section 9 of the IBC, 2016, by the Operational…
- **2022-01-10 — Admission of Ap…**: Tribunal admitted the…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kikani-international-private-limited-ia-ibc-1457-che-2022-in-iba-587-2020-7068e2e0