# In the matter of Kanakadhara Ventures Private Limited

> NCLT judgment dated 2023-07-18. Citation: TCN-2023-NCLT-05300. The application for Corporate Insolvency Resolution Process of M/s Kanakadhara Ventures Private…

- **Court:** NCLT
- **Order date:** 18 Jul 2023
- **Citation:** TCN-2023-NCLT-05300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/kanakadhara-ventures-private-limited-de93fbae

## Summary

### Background

The application for Corporate Insolvency Resolution Process of M/s Kanakadhara Ventures Private Limited (Corporate Debtor) filed by M/s IDBI Bank Limited (Financial Creditor) under section 7 of the Code read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 was admitted by Hon'ble NCLT, Hyderabad Bench vide order No. CP (IB) No.745/7/HDB/2018 of 2018 dated 22.11.2019.

## Facts

IDBI Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Kanakadhara Ventures Pvt Ltd.

The CIRP application was admitted by the NCLT Hyderabad Bench on 22.11.2019.

Liquidation was ordered by NCLT Hyderabad Bench.

A Stakeholders Consultation Committee (SCC) was formed on 07.10.2021.

Punjab National Bank, a secured financial creditor, filed IA No 227 of 2022 for removal of secured assets from the Liquidation Estate, which was allowed on 18.04.2022.

The liquidator handed over the assets to the secured financial creditor on 24.05.2022.

The SCC members decided to relinquish the secured assets in favor of the Liquidation Estate.

Parties have shown interest to purchase the assets as a going concern.

…

## Issues and analysis

### Issue 1: Whether the assets over which the Applicant has security interest, which were kept out of …

**Ratio:** The assets can be brought back into the

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**Reasoning:** The secured financial creditor failed to sell the assets individually, and the SCC

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**Interpretation:** Re-inclusion of these assets referred to in the petition in the liquidation

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**Application:** The Tribunal allowed the application and ordered that the under-mentioned

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** IDBI Bank…; Rajesh Ch…
- **Respondents:** Kanakadhara…
- **Other parties:** Punjab National…; B. Nagabhu…; +1 more
- **Advocates:** G. Kalyani…

## Timeline

- **2018 — Initiation…**: CIRP initiated against Kanakadhara Ventures…
- **2019-11-22 — Admission o…**: CIRP application admitted…

## 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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