# In the matter of KLM HOLDINGS PRIVATE LIMITED

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-00905. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of BCL Enterprises…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-00905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/klm-holdings-private-limited-67c0f244

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of BCL Enterprises Limited. The CIRP was initiated on 06.12.2023. The CoC decided on 05.06.2024 that the corporate debtor should be liquidated.

## Facts

CIRP was ordered to commence on 06.12.2023.

The maximum period for CIRP completion has been exceeded.

The CoC passed a resolution on 05.06.2024 to liquidate the corporate debtor.

No resolution plan was received within the permitted CIRP period.

Mr. Kamall Ahuja is proposed as the liquidator with a fee of Rs. 1,50,000/- plus GST per month.

Claims were received from creditors following a public announcement on 15.12.2023.

BCL Enterprises Limited filed a claim as a Financial Creditor on 28.12.2023.

Income Tax Officer, Ward-14(3), Delhi filed a claim as an Operational Creditor on 29.12.2023.

The corporate debtor was liable to pay Rs. 4,39,38,317 towards income tax.

## Issues and analysis

### Issue 1: Whether the corporate debtor should be liquidated given the CoC's decision and the expiry of the …

**Ratio:** Section 33(2) of IBC, 2016 allows the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The CoC has decided to liquidate the corporate debtor, and the CIRP period has exceeded

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**Interpretation:** The decision of the CoC to liquidate the corporate debtor is binding on the

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**Application:** The Adjudicating Authority directs the liquidation of the corporate debtor

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Respondents:** BCL Enterprises…; KLM Holdings…
- **Other parties:** Kamall…; Income Tax…; +1 more
- **Advocates:** Adv Vanshika…

## Timeline

- **2023-12-06 — CIRP Commen…**: CIRP was ordered to be…
- **2024-05-06 — CoC Resol…**: CoC passed a resolution to…

## 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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