# In the matter of Kuvam Konstruction Private Limited

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00518. The case involves the Corporate Insolvency Resolution Process (CIRP) of Kuvam Konstruction…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kuvam-konstruction-private-limited-5db3160c

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Kuvam Konstruction Private Limited. The CIRP was initiated following a petition by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution plans. However, no resolution plan was received, leading the CoC to decide on liquidation under Section 33 of the IBC. An application (I.A. No. 414/2020) was filed by the Resolution Professional seeking liquidation of the Corporate Debtor. Another application (I.A. No. 2040/2023) was filed by Ashwani Kumar, Amrish Singla, and Abhinav Bawa alleging professional misconduct and failure to adhere to the provisions

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Kuvam Konstruction Private Limited based on a petition filed by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the IBC, 2016. The petition was admitted by the Tribunal on 14.11.2019, and Mr. Parvinder Singh was appointed as the Interim Resolution Professional (IRP). The IRP took necessary steps, including making a public announcement on November 22, 2019, inviting creditors to submit their claims. A Committee of Creditors (CoC) was constituted on December 10, 2019, and in its first meeting on December 16, 2019, the CoC resolved to appoint the IRP as the Resolution Professional (RP). The RP appointed registered valuers to determine the fair value and liquidation value of the

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## Issues and analysis

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

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The Tribunal noted that no resolution plan was received despite several meetings of the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC approved the liquidation due to the absence of a

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Ashwani…
- **Respondents:** Kuvam Konstruction…; M/s Kuvam…

## Timeline

- **2018-01-01 — CP (IB) No. 42/CHD/PB/20…**: Filing of CP (IB) No.…
- **2019-11-14 — Admission of CIRP…**: Tribunal admits the petition for initiation of CIRP process by the Operational Creditor,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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