# In the matter of VAG BUILDTECH LIMITED

> NCLT judgment dated 2025-12-05. Citation: TCN-2025-NCLT-01772. The Resolution Professional (RP) of Vag Buildtech Limited filed an application under Section…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vag-buildtech-limited-32c5490c

## Summary

### Background

The Resolution Professional (RP) of Vag Buildtech Limited filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor.

## Facts

Corporate Debtor was admitted into CIRP on 26.11.2021 under Section 9 of the Code.

IRP issued a public announcement inviting claims from creditors on 03.12.2021.

The 1st CoC meeting was held on 27.12.2021, attended by SBI and the IRP.

RP published an Invitation of Eol in Form-G as per the CIRP Regulations on 19.02.2022.

The CoC approved the issuance of request for resolution plan and evaluation matrix of PRA on 14.03.2022.

The RP apprised the CoC that there is no Resolution Plan received in response to Eol published in Form-G on 24.05.2022.

The CoC with 99.85% votes had approved liquidation of the Corporate Debtor under section 33(1) of the Code.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CoC approved liquidation with 99.85% voting, and the sole resolution plan was

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**Interpretation:** The commercial wisdom of the CoC is paramount, and the Tribunal should not

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**Application:** The Tribunal approved the liquidation application, recognizing the CoC's

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Om Scaffo…; Ashish…
- **Respondents:** Vag Buildtech…
- **Other parties:** SBI…; SREI Equipment…; +2 more
- **Advocates:** Rishi T…

## Timeline

- **2021-11-26 — CIRP Commen…**: Corporate Debtor admitted into…
- **2021-12-03 — Public Annou…**: IRP issued a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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