# 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-05132. The Corporate Insolvency Resolution Process (CIRP) was initiated against Viom Infra Ventures…

- **Court:** NCLT
- **Order date:** 10 Jan 2023
- **Citation:** TCN-2023-NCLT-05132
- **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-2021-3c380344

## Summary

### Background

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). Despite multiple extensions, only one resolution plan was received from RKG Fund, which was ultimately rejected by the Committee of Creditors (CoC) due to being unfeasible and unviable. The company was reported to be non-operational for the past two years, with most assets disposed of, leading to the consideration of liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Viom Infra Ventures Pvt. Ltd. on 23.09.2021. Jitender Lohia was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). The RP issued an invitation for Expression of Interest (EoI) on 11.12.2021, with a deadline of 27.12.2021. Eleven prospective bidders showed interest, but only four submitted their EoIs within the prescribed date. The provisional list of prospective resolution applicants was issued on 20.01.2022. Thirteen CoC meetings were conducted. Only one Resolution Plan from RKG Fund was received on 26.05.2022, and it was rejected by the CoC. The company was non-operational for the last two years, with most assets disposed of. The 13th CoC

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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 IBC, 2016 allows for the liquidation of a corporate debtor when

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**Reasoning:** The court reasoned that despite the efforts of the Resolution Professional and the

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if the CIRP fails to

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**Application:** The court applied Section 33(1)(a) to the facts of the case, noting that the

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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) initiated against Viom Infra Ventures Pvt.…
- **2021-10-26 — CoC Consti…**: Committee of Creditors…

## Legal provisions

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

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