# In the matter of Varsha Corporation Limited

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02190. The case involves an Interlocutory Application (IA 314/2023) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/varsha-corporation-limited-5af175cc

## Summary

### Background

The case involves an Interlocutory Application (IA 314/2023) filed by the Resolution Professional of the Corporate Debtor, seeking orders for liquidation under Sections 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition on 2022-06-10. The Resolution Professional was appointed as the Interim Resolution Professional. Public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) convened meetings and approved criteria for prospective resolution applicants. Despite inviting Expressions of Interest, the applicants failed to meet the mandatory requirements. Subsequently, the State Bank of India, holding a

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## Facts

A Company Petition against Varsha Corporation Limited was admitted on 2022-06-10, initiating the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional, Vinodkumar Pukhraj Ambavat, was appointed as the Interim Resolution Professional. A public announcement was made on 2022-06-14, inviting claims from creditors with a deadline of 2022-06-25. The Committee of Creditors (CoC) convened its 3rd meeting on 2022-09-12, approving criteria for prospective resolution applicants. Form G was published on 2022-09-19, inviting Expressions of Interest, with a submission deadline of 2022-10-04. Two prospective resolution applicants, M/s Nakshatra Corporate Advisors Limited and the Suspended Board of Directors, Mr. Shantilal Jain, submitted Expressions of Interest.

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking liquidation orders is in accordance with Sections …

**Ratio:** The ratio is that if the Interlocutory Application complies with the requirements of

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**Reasoning:** The court considered the submissions of the application and the averments made, finding

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**Interpretation:** This involves interpreting Sections 33(1)(a), 33(2), and 34(1) of the IBC,

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**Application:** The court applied the ratio by examining the application and determining that

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Respondents:** Varsha Corporation…

## Timeline

- **2022-06-10 — Company Petition…**: The captioned Company Petition was Admitted, initiating the Corporate Insolvency…
- **2022-06-11 — Order Commu…**: The order admitting the petition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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