# In the matter of Virgo Marine Shipyards Private Limited

> NCLT judgment dated 2025-06-03. Citation: TCN-2025-NCLT-00027. The case pertains to I.A. No. 1882 of 2020 filed in C.P. (IB) 1600/MB/2019 under Section 33(2)…

- **Court:** NCLT
- **Order date:** 3 Jun 2025
- **Citation:** TCN-2025-NCLT-00027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virgo-marine-shipyards-private-limited-32c24ca1

## Summary

### Background

The case pertains to I.A. No. 1882 of 2020 filed in C.P. (IB) 1600/MB/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 by the Interim Resolution Professional (IRP) of Virgo Marine Shipyards Private Limited, seeking liquidation order for the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 21.01.2020. The IRP issued a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the future course of action. The CoC ultimately decided to liquidate the Corporate Debtor due to its non-operational status and lack of assets.

## Facts

Virgo Marine Shipyards Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 21.01.2020. P. Shivan Raju was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors, with the last date for submission being 06.02.2020. The Committee of Creditors (CoC) was constituted, with Union Bank of India holding 62.93% of the voting rights and The Akola Janata Commercial Co-Operative Bank Limited holding 37.07%. The IRP visited the company's yard and found that M.V.VM Hooper Barge was in the custody of Vyankatesh Engineers & Contractors Private Limited. The barge had been sold under the SARFAESI Act, and the proceeds were appropriated by Nagpur Nagrik Sahakari Bank Limited. The CoC

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Virgo Marine Shipyards Private Limited, should be liquidated under …

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

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**Reasoning:** The Committee of Creditors (CoC) voted with 100% majority to liquidate the Corporate

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor aligns with

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## Parties

- **Judges:** Hariharan…; LAKSHMI G…
- **Appellants:** P. Shivan…
- **Respondents:** Virgo Marine…

## Timeline

- **2020-01-21 — CIRP Init…**: Virgo Marine Shipyards Private Limited admitted into Corporate Insolvency Resolution…
- **2020-01-25 — Public Annou…**: IRP issued a public announcement in Free Press Journal and Tarun Bharat inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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