# In the matter of RG Infra-Build Pvt. Ltd. IA-44-2023, IA -355 & 378-2021 in (IB)-917(ND)2019

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04232. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Ved Contracts…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rg-infra-build-pvt-ltd-ia-44-2023-ia-355-378-2021-in-ib-917nd2019-a840b565

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Ved Contracts Pvt. Ltd. The CIRP commenced on 2019-09-25, but no resolution plan was received within the stipulated time, including the extended period of 330 days. The Resolution Professional (RP) filed IA-378/2021 for liquidation of the Corporate Debtor (CD).

## Facts

The CIRP of M/s. Ved Contracts Pvt. Ltd. commenced on 2019-09-25. The tenth meeting of the Committee of Creditors (CoC) was convened on 2020-01-04, where it was noted that the CIRP period of 330 days had expired, and no resolution plan had been received. The RP informed the CoC that the Corporate Debtor should move into liquidation, as per Sections 33(1) and 34(1) of the IBC. No resolution plan was received even after the expiry of the 330-day period. IA-378/2021 was filed for liquidation. IA-44/2023 was filed by Atul Paper (Pvt.) Ltd., seeking to revive the CD, but the court found this to be a delaying tactic, especially since Atul Paper was occupying the CD's property. The RP's application for exclusion of time (IA-5336/2020) was rejected on 2020-12-23. More than two

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a resolution plan within …

**Ratio:** Section 33(1)(a) of the IBC mandates liquidation if no resolution plan is received before

…

**Reasoning:** The court reasoned that the CIRP had commenced, and a significant amount of time had

…

**Interpretation:** Section 33(1)(a) of the IBC is interpreted strictly to mean that if no

…

**Application:** In this case, since no resolution plan was received within the extended CIRP

…

## Parties

- **Judges:** SHRI. ASHOK KUMAR…; SHRI. L. N.…
- **Respondents:** M/s. Ved Contracts…; M/s. RG Infra…

## Timeline

- **2019-09-25 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) commenced for M/s. Ved Contracts Pvt.…
- **2020-01-04 — Tenth CoC M…**: The tenth meeting of the Committee of Creditors (CoC) was convened, noting that the CIRP…

## Legal provisions

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

---

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/rg-infra-build-pvt-ltd-ia-44-2023-ia-355-378-2021-in-ib-917nd2019-a840b565