# In the matter of Vyva Apparels (India) Pvt. Ltd.

> NCLT judgment dated 2024-04-29. Citation: TCN-2024-NCLT-01540. The case involves an Interlocutory Application filed by Mr. Snehal Kamdar, the Resolution…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vyva-apparels-india-pvt-ltd-58bc2371

## Summary

### Background

The case involves an Interlocutory Application filed by Mr. Snehal Kamdar, the Resolution Professional, under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Vyva Apparels (India) Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Financial Creditor, Omkara Assets Reconstruction Private Limited, under Section 7 of the IBC, 2016. Mr. Kamdar was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

## Facts

On 17.02.2023, the Tribunal admitted a Company Petition filed by Omkara Assets Reconstruction Private Limited, the Financial Creditor, under Section 7 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) for Vyva Apparels (India) Private Limited, the Corporate Debtor. Snehal Kamdar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was issued on 23.02.2023, inviting claims from creditors, leading to the formation of the Committee of Creditors (CoC). The first CoC meeting occurred on 23.03.2023. In the second CoC meeting on 19.04.2023, it was decided to publish Form G to invite Expression of Interest from prospective resolution applicants and to appoint registered

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Vyva Apparels …

**Ratio:** The decision to liquidate a corporate debtor rests with the Committee of Creditors (CoC)

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**Reasoning:** The Tribunal considered the fact that the CoC had passed a resolution with 100% voting in

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**Interpretation:** The IBC provides a framework for the resolution of corporate insolvency, with

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**Application:** In this case, the CoC's unanimous decision to liquidate Vyva Apparels (India)

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Snehal K…
- **Respondents:** Vyva Apparels…

## Timeline

- **2023-02-17 — Order for CIRP…**: Tribunal ordered initiation of Corporate Insolvency Resolution Process (CIRP) based on…
- **2023-02-23 — Public Annou…**: Public announcement issued in Form…

## Legal provisions

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

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