# 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-04012. The case pertains to an application filed by the liquidator under section 60(5) of the…

- **Court:** NCLT
- **Order date:** 22 Feb 2022
- **Citation:** TCN-2022-NCLT-04012
- **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-be4f3005

## Summary

### Background

The case pertains to an application filed by the liquidator 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 10.01.2019, and the applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost in its 9th meeting and later rejected a resolution plan in its 12th meeting, leading to the filing of a liquidation application which was allowed on 05.02.2020.

## Facts

The CIRP against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the IRP and later confirmed as RP. The CoC, consisting solely of Bank of India, initially approved a 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 until 2019-09-09 and liquidator fees of ₹50,000 per month. The liquidation application was allowed on 2020-02-05. The CIRP cost increased to ₹14,41,971, excluding IRP fees paid by operational creditors. The liquidator incurred expenses of ₹33,02,817.58, of which ₹16,33,385.68 was recovered, leaving ₹16,69,431.90 pending. Bank of India credited ₹2,74,000 towards CIRP cost on 2022-02-08. The liquidator filed an

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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 applied is that CIRP and liquidation processes are creditor-driven,

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

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**Interpretation:** This issue involves the interpretation of the responsibilities of the CoC under

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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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…
- **2019-07-10 — CoC Meet…**: The Committee of Creditors (CoC) approved…

## 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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