# In the matter of Reom Infrastructure and Constructions Limited IA-4189-ND-2022 in Company Petition No. (IB)-945 (PB) 2018

> NCLT judgment dated 2022-11-28. Citation: TCN-2022-NCLT-00306. The case involves an application (IA-4189/ND/2022) filed under Sections 33(1) and 34(1) of the…

- **Court:** NCLT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLT-00306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reom-infrastructure-and-constructions-limited-ia-4189-nd-2022-in-company-petitio-7a2c16dc

## Summary

### Background

The case involves an application (IA-4189/ND/2022) filed under Sections 33(1) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the commencement of liquidation proceedings for the Corporate Debtor, M/s Reom Infrastructure and Construction Limited. The CIRP was initiated against the Corporate Debtor on 19.07.2019, and the Applicant, Satya Prakash Gupta, was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The ex-management of the Corporate Debtor failed to provide necessary documents and information to the Applicant despite multiple requests. The Applicant filed a Non-Cooperation Application (CA-1700(PB)/2019) seeking directions against the Respondents. The CIRP period was extended by 90 days, and an

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## Facts

M/s Chryso India Private Limited is the Operational Creditor. M/s Reom Infrastructure and Construction Limited is the Corporate Debtor. The Adjudicating Authority initiated CIRP against the Corporate Debtor on 19.07.2019. Satya Prakash Gupta was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The ex-management of the Corporate Debtor failed to provide necessary documents and information to the Applicant. The Applicant filed a Non-Cooperation Application (CA-1700(PB)/2019). The CIRP period was extended by 90 days, and an application (IA-4666/2021) was filed for exclusion of 794 days from the CIRP period, which was allowed. An application (IA 1875/2022) for exclusion of 210 days was dismissed, and the subsequent appeal

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## Issues and analysis

### Issue 1: Whether the application for commencement of Liquidation Process of the Corporate Debtor should be …

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

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**Reasoning:** The court considered the resolution passed by the CoC in its 11th meeting on 11.08.2022,

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when the CoC,

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**Application:** Given the CoC's resolution and the circumstances of the case, the court applied

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## Parties

- **Judges:** SH. PATIBANDLA…; BINOD KUMAR…
- **Respondents:** M/s Reom Infrastru…

## Timeline

- **2019-07-19 — CIRP Init…**: CIRP was initiated…
- **2019-07-27 — Public Annou…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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