# In the matter of SV SVS Projects Private Limited IA (IBC)-1369-2022 In CP (IB) No. 19-7-HDB-2021

> NCLT judgment dated 2023-01-10. Citation: TCN-2023-NCLT-05122. The case pertains to an application filed by the Resolution Professional of M/s. SVSVS Projects…

- **Court:** NCLT
- **Order date:** 10 Jan 2023
- **Citation:** TCN-2023-NCLT-05122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sv-svs-projects-private-limited-ia-ibc-1369-2022-in-cp-ib-no-19-7-hdb-2021-d7f983d8

## Summary

### Background

The case pertains to an application filed by the Resolution Professional of M/s. SVSVS Projects Pvt Ltd, the Corporate Debtor, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation due to the non-receipt of a resolution plan. The insolvency petition was initially filed by Bank of Maharashtra under Section 7 of the Code, which was admitted on 26.04.2021. The applicant made a public announcement and received a claim from only one financial creditor, Bank of Maharashtra. The Committee of Creditors (CoC) was constituted with the sole financial creditor, and they resolved to appoint Mr. Kasi Srinivas as the Resolution Professional. The applicant invited Expression of Interest (EOIs) from prospective Resolution Applicants, but the CoC

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## Facts

Bank of Maharashtra filed an insolvency petition against M/s. SVSVS Projects Pvt Ltd under Section 7 of the IBC, which was admitted on 2021-04-26. Kasi Srinivas was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and Bank of Maharashtra was the sole financial creditor. The CoC appointed Kasi Srinivas as the Resolution Professional. The applicant published Form G and invited EOIs, receiving four prospective resolution applicants. The CoC approved the RFRP, Evaluation Matrix, and Earnest Money Deposit. Veeramachineni Rama Mohan Rao, the promoter of the Corporate Debtor, filed a Writ Petition before the High Court of Telangana, which was later dismissed. The applicant sought exclusion of 403 days from the CIRP period. The CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/S. SVSVS Projects Pvt Ltd, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for the initiation of

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**Reasoning:** The Adjudicating Authority reasoned that since no resolution plan was approved and the

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**Interpretation:** Section 33 is interpreted to mean that if no resolution plan is viable and the

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**Application:** In this case, the CoC voted for liquidation with a 94.34% majority, and no

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## Parties

- **Judges:** Venkata Ramakrishn…; Shri. Chara…
- **Appellants:** Bank of Mah…
- **Respondents:** M/s. SVSVS…

## Timeline

- **2021-04-26 — Admission of Insolvency…**: The insolvency petition filed by Bank of Maharashtra under Section 7 of the IBC was…
- **2021-04-30 — Public Annou…**: The Applicant made a Public Announcement in FORM – A which was published in Financial…

## 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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