# In the matter of VAG BUILDTECH LIMITED

> NCLT judgment dated 2025-12-05. Citation: TCN-2025-NCLT-01793. The Resolution Professional (RP) of Vag Buildtech Limited filed an application under Section…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/vag-buildtech-limited-9d67db33

## 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, Vag Buildtech Limited, was admitted into CIRP on 26.11.2021 under Section 9 of the Code.

Ashish Vyas was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The 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 State Bank of India (SBI), the sole financial creditor, and the IRP.

The CoC approved the publication of Form-G for inviting Expression of Interest (Eol) from Prospective Resolution Applicants (PRA).

No resolution plan was received in response to the initial Form-G publication.

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

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## Issues and analysis

### Issue 1: Whether the Tribunal should approve the liquidation of the Corporate Debtor under Section 33(1) of …

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

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

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**Interpretation:** The Tribunal is obligated to pass a liquidation order given the CoC's decision

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**Application:** The Tribunal approved the

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Om Scaffo…; Ashish…
- **Respondents:** Vag Buildtech…
- **Other parties:** State Bank of…; SREI Equipment…; +1 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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