# In the matter of Vindhyavasini Buildcon Private Limited

> NCLT judgment dated 2024-09-24. Citation: TCN-2024-NCLT-00564. The case involves an application filed by the Resolution Professional, Mr. Naren Sheth, seeking…

- **Court:** NCLT
- **Order date:** 24 Sept 2024
- **Citation:** TCN-2024-NCLT-00564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vindhyavasini-buildcon-private-limited-0926ce94

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Naren Sheth, seeking liquidation of the Corporate Debtor, Vindhyavasini Buildcon Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor after the Company Petition filed by State Bank of India under Section 7 of the Code was admitted. The Resolution Professional convened a CoC meeting where liquidation was discussed due to the absence of resolution plans and assets.

## Facts

The Resolution Professional, Mr. Naren Sheth, filed an application seeking liquidation of Vindhyavasini Buildcon Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following the admission of a Company Petition filed by State Bank of India under Section 7 of the Code. The Tribunal had ordered CIRP on 2023-07-11. A public announcement was issued on 2023-07-14, calling upon creditors to file their claims. An Invitation for Expression of Interest (EoI) was issued on 2023-09-10, and two EoIs were received. The Resolution Professional convened a CoC meeting on 2023-11-17, where liquidation was discussed due to the absence of resolution plans and assets. The CoC approved the liquidation with a 100% majority, with e-voting

…

## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking liquidation of the Corporate Debtor, Vindhyavasini …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

…

**Reasoning:** The Tribunal considered that no resolution plan was received for the Corporate Debtor,

…

**Interpretation:** Section 33(2) provides a clear pathway for liquidation when resolution efforts

…

**Application:** Given the absence of a resolution plan and the CoC's approval, the Tribunal

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Naren S…
- **Respondents:** Vindhyavasini…; State Bank of…

## Timeline

- **2023-07-11 — Tribunal…**: Tribunal orders CIRP initiation in…
- **2023-07-14 — Public Annou…**: Public announcement issued in FORM A,…

## 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/vindhyavasini-buildcon-private-limited-0926ce94