Edelweiss Asset Reconstruction Company Limited Vs Neptune Ventures and Developers Private Limited
NCLT Mumbai held that corporate debtor [Neptune Ventures and Developers Private Limited] shall be liquidated considering that CIRP period has expired and at present there is no resolution plan for consideration of the CoC.
Facts- Upon an application filed by Edelweiss Asset Reconstruction Company Limited (‘Financial Creditor’) under Section 7 of the Code, this Tribunal, vide order dated 17.07.2023, commenced corporate insolvency resolution process (‘CIRP’) of the corporate debtor and appointed the Applicant as the Interim Resolution Professional (‘IRP’).
The instant application has been filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) by the Resolution Professional of Neptune Ventures and Developers Private Limited (‘Corporate Debtor’/ ‘CD’).
Conclusion- Held that considering that CIRP period has expired and at present there is no resolution plan for consideration of the CoC and the CoC in its commercial wisdom, does not wish to proceed further with the CIRP, the mandatory consequence is that an order of Liquidation must be passed by this Adjudicating Authority under Section 33 of the Code. Accordingly, The Corporate Debtor, Neptune Ventures and Developers Private Limited, shall be liquidated in the manner as laid down in Chapter-III of Part-II of the Code.
