# In the matter of Viom Infra Ventures Limited I.A. No. 1395-2022 in C.P. (IB) No. 148-7-HDB-2021

> NCLT judgment dated 2023-01-10. Citation: TCN-2023-NCLT-05121. The case pertains to an application filed seeking an order for the liquidation of the Corporate…

- **Court:** NCLT
- **Order date:** 10 Jan 2023
- **Citation:** TCN-2023-NCLT-05121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/viom-infra-ventures-limited-ia-no-1395-2022-in-cp-ib-no-148-7-hdb-2021-0e992ada

## Summary

### Background

The case pertains to an application filed seeking an order for the liquidation of the Corporate Debtor, Viom Infra Ventures Pvt. Ltd., and the appointment of Mr. Jitendra Lohia as the liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 23.09.2021. Mr. Jitender Lohia was appointed as Interim Resolution Professional (IRP). Despite several attempts to find a viable resolution plan, including extending the CIRP period and inviting expressions of interest, no feasible plan was received. The Committee of Creditors (CoC) ultimately recommended liquidation with 100% voting.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Viom Infra Ventures Pvt. Ltd. on 23.09.2021. Mr. Jitender Lohia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made public announcements and constituted a Committee of Creditors (CoC) on 26.10.2021. The first CoC meeting was held on 01.11.2021. An invitation for Expression of Interest (EoI) was issued on 11.12.2021, with a deadline of 27.12.2021. Eleven prospective bidders showed interest, but only four submitted their EoIs within the deadline. Another Form G was issued on 03.01.2022, to encourage more participation. A provisional list of prospective resolution applicants was issued on 20.01.2022. Thirteen CoC meetings

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Viom Infra Ventures Pvt. Ltd., should be liquidated due to the …

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

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**Reasoning:** The court reasoned that despite all efforts made during the CIRP, including extending the

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**Interpretation:** Section 33(1)(a) of the IBC provides a clear legal basis for liquidation when

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**Application:** In this case, the CoC's unanimous recommendation for liquidation, coupled with

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Jitendra…
- **Respondents:** Viom Infra…

## Timeline

- **2021-09-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-10-26 — CoC Consti…**: Committee of Creditors…

## 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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