# 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-02305. The Resolution Professional of PVK Engineers Private Limited/Corporate Debtor filed an…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02305
- **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-c777d332

## Summary

### Background

The Resolution Professional of PVK Engineers Private Limited/Corporate Debtor filed an application under Section 33(1)(a) r/w Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Adjudicating Authority admitted the Company Petition filed by Abhirama Steels Limited against PVK Engineers Private Limited and initiated CIRP. The Applicant issued Form-G for Expression of Interest but received no bids. The COC decided to liquidate the Corporate Debtor with 100% voting as per Section 33(1)(a) of the Code.

## 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 and appointed Mrs. Mummaneni Vazra Laxmi as the Interim Resolution Professional (IRP). The IRP was 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 COC in its 4th meeting held on 14.04.2022 noted the lack of response to EOIs and the absence of valuable assets, leading to the decision to liquidate the Corporate Debtor with 100% voting as per Section 33(1)(a) of the Code. The COC passed resolutions as per Regulations 39B, 39C & 39D of IBBI (Insolvency

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## 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

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

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**Interpretation:** The interpretation of Section 33(1)(a) and Section 34 of the I&B Code is

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**Application:** In this case, since no resolution plan was received and the COC voted in favor

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## Parties

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

## 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)

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