# In the matter of P.V. K. Engineers Private  Limited IA No. 423 of 2021 in CP(IB) No. 106-7-HDB-2021

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02308. The case involves an application (IA 423/2022) filed by the Resolution Professional of PVK…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pv-k-engineers-private-limited-ia-no-423-of-2021-in-cpib-no-106-7-hdb-2021-bbd8b8cc

## Summary

### Background

The case involves an application (IA 423/2022) filed by the Resolution Professional of PVK Engineers Private Limited/Corporate Debtor under Section 33(1)(a) r/w Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor and appointment of Mrs. Mummaneni Vazra Laxmi as the Liquidator. The Adjudicating Authority had previously admitted a Company Petition (CP (IB) No.106/7/HDB/2021) filed by Abhirama Steels Limited against PVK Engineers Private Limited and initiated the CIRP process, appointing Mrs. Mummaneni Vazra Laxmi as Interim Resolution Professional, who was later confirmed as Resolution Professional.

## Facts

Abhirama Steels Limited initiated Corporate Insolvency Resolution Process (CIRP) against PVK Engineers Private Limited by filing CP(IB) No. 106/7/HDB/2021. The Adjudicating Authority admitted the petition on 29.10.2021. Mrs. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued Form-G on 28.01.2022 for Expression of Interest (EOI) but received no bids. The Committee of Creditors (COC) held its 4th meeting on 14.04.2022, where it was noted that there was no response to the EOIs, and the COC opined that the liquidation value of the financial assets was 'Nil'. The COC decided not to approve a second issuance of EOI and decided to liquidate the Corporate Debtor with 100%

…

## Issues and analysis

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

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation

…

**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Sub-Section

…

**Interpretation:** Section 33(1)(a) provides a clear legal basis for initiating liquidation

…

**Application:** Since no resolution plan was received and the COC voted for liquidation, the

…

## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Abhirama Steels…
- **Respondents:** PVK Engineers…; PVK Engineers Pvt…

## Timeline

- **2021-10-29 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition bearing CP (IB)…
- **2021-12-07 — Confirmation of…**: Mrs. Mummaneni Vazra Laxmi was confirmed as Resolution Professional at the 1st COC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/pv-k-engineers-private-limited-ia-no-423-of-2021-in-cpib-no-106-7-hdb-2021-bbd8b8cc