# In the matter of Komorebi Exports Pvt. Ltd. IA No.05-ALD-2021
in CP (IB) No.344-ALD-2018

> NCLT judgment dated 2022-02-22. Citation: TCN-2022-NCLT-04006. The case pertains to an application filed by the liquidator of Komorebi Exports Pvt. Ltd. under…

- **Court:** NCLT
- **Order date:** 22 Feb 2022
- **Citation:** TCN-2022-NCLT-04006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/komorebi-exports-pvt-ltd-ia-no05-ald-2021-in-cp-ib-no344-ald-2018-4c6b6896

## Summary

### Background

The case pertains to an application filed by the liquidator of Komorebi Exports Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions against the sole member of the Committee of Creditors (CoC), Bank of India, to release the Corporate Insolvency Resolution Process (CIRP) cost and the liquidation cost for the smooth conduct of the liquidation process. The CIRP against the corporate debtor commenced on 2019-01-10, and the applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost and later rejected a resolution plan. The application seeking liquidation of the corporate debtor was allowed.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), with Bank of India as the sole member, initially approved an estimated CIRP cost of ₹15 lakh. A resolution plan submitted by Aastha Garments was rejected by the CoC on 2019-09-05. The CoC approved ₹10,24,321/- as CIRP costs incurred by the RP until 2019-09-09 and approved liquidator fees at ₹50,000/- per month. The Adjudicating Authority allowed the liquidation of the corporate debtor on 2020-02-05. The CIRP cost increased from ₹10,24,321/- to ₹14,41,971/- (excluding IRP fees paid by operational

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## Issues and analysis

### Issue 1: Whether the Bank of India, as the sole member of the Committee of Creditors (CoC), is liable to pay …

**Ratio:** The legal principle is that CIRP and liquidation processes are creditor-driven and the

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**Reasoning:** The court reasoned that the corporate debtor was undergoing liquidation on the

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**Interpretation:** The interpretation is that the creditors, particularly those sitting on the

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**Application:** The court applied this principle to the specific facts by directing the Bank of

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** SARVESH K…
- **Respondents:** Komorebi Exports…; Bank of…

## Timeline

- **2019-01-10 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) against Komorebi Exports Pvt. Ltd.…
- **2020-02-05 — Liquidation…**: The Adjudicating Authority allowed the…

## 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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