# In the matter of Devesh Engineering Enterprises Private Limited I.A. No. 78 of 2022 in CP (IB) No. 232-7-HDB-2020

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-04727. The Company Petition for initiation of Corporate Insolvency Resolution Process (CIRP) was filed…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-04727
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/devesh-engineering-enterprises-private-limited-ia-no-78-of-2022-in-cp-ib-no-232-16a68437

## Summary

### Background

The Company Petition for initiation of Corporate Insolvency Resolution Process (CIRP) was filed by the Financial Creditor namely M/s. Tejaswini Engineering Private Limited under Section 7 of the IBC, 2016, against the Corporate Debtor (Devesh Engineering Enterprises Pvt Ltd). The CIRP was admitted on 19.02.2021.

## Facts

Tejaswini Engineering Private Limited filed a petition under Section 7 of the IBC, 2016 to initiate CIRP against Devesh Engineering Enterprises Pvt Ltd.

The CIRP was admitted on 19.02.2021.

The Interim Resolution Professional (IRP) made a public announcement and invited claims from creditors on 25.02.2021.

The Committee of Creditors (CoC) was constituted, and the first meeting was held on 22.03.2021.

The CoC decided to proceed with liquidation due to the lack of viable business and fixed assets.

The CoC resolved to appoint K. J. Vinod as the Liquidator.

The Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30 of the I&B Code, 2016.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated as per Section 33(1)(a) of Chapter III of IBC, …

**Ratio:** The CoC decided to proceed with liquidation as the Corporate Debtor had no viable

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**Reasoning:** The CoC is of the opinion that there is no point in dragging the CIRP process and

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**Interpretation:** Section 33(1)(a) of the IBC, 2016 allows for liquidation when the CoC decides

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**Application:** The Adjudicating Authority ordered the liquidation of the Corporate Debtor,

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** CS Bhas…; Tejaswini…
- **Respondents:** Devesh Engineering…; Cosmos Forgings…
- **Other parties:** Tejaswini…; K.J. V…; +1 more

## Timeline

- **19.02.2021 — CIRP Admi…**: The CIRP against the Corporate Debtor was…
- **25.02.2021 — Public Annou…**: The IRP made a public announcement…

## 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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