# M/s. COSR Ventures vs. Lumiford Private Limited

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01187. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Lumiford Private…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/lumiford-private-limited-kai5o

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Lumiford Private Limited (Corporate Debtor) by M/s. COSR Ventures, a Financial Creditor, under Section 9 of the IBC. Mr. Gonuganta Murali was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kailash Shah as the Resolution Professional (RP). A Committee of Creditors (CoC) was constituted, and claims were received primarily from operational creditors. The CIRP faced challenges including an interim stay granted by the NCLAT, which was later vacated, and non-cooperation from the Suspended Management of the Corporate Debtor, leading to difficulties in issuing the Information Memorandum and identifying illegal transactions.

## Facts

The present application for liquidation was filed by Mr. Kailash Shah, Resolution Professional of M/s. Lumiford Private Limited (Corporate Debtor), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

The Corporate Insolvency Resolution Process (CIRP) was initiated by M/s. COSR Ventures, a Financial Creditor, against M/s. Lumiford Private Limited under Section 9 of the IBC.

The CIRP was admitted by the Tribunal on 10.06.2024, and Mr. Gonuganta Murali was appointed as the Interim Resolution Professional (IRP).

A Public Announcement Notice was issued on 16.06.2024, inviting claims from creditors, with 28.06.2024 as the last date for submission.

Upon receipt of claims, the Committee of Creditors (CoC) was constituted.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Lumiford Private Limited, is liable to be liquidated under …

**Ratio:** A Corporate Debtor is liable for liquidation under Section 33(2) of the IBC when the

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**Reasoning:** The CoC, in its 8th meeting, resolved with 71.69% voting to liquidate the Corporate

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**Interpretation:** Section 33(2) of the IBC mandates the Adjudicating Authority to pass a

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**Application:** In this case, the RP intimated the CoC's decision, approved by 71.69% voting,

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** M/s. COSR V…; Kailash…
- **Respondents:** M/s. Lumiford…; Lumiford Private…
- **Other parties:** Committee of…; Gonuganta…; +1 more
- **Advocates:** Amir Ba…; Ms Pragati…; +1 more

## Timeline

- **2024-06-10 — CIRP Admissio…**: CIRP admission order passed in CP(IB) No.167/9/HDB/2023, appointing Mr. Gonuganta Murali…
- **2024-06-16 — Public Announcement…**: Public Announcement Notice issued…

## 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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