AMD Industries Limited Vs VHV Beverages Private Limited (NCLT Delhi)
NCLT Delhi held that application under section 33(2) of the Insolvency and Bankruptcy Code for liquidation of Corporate Debtor [M/s. VHV Beverages Private Limited] is allowed as decided by Committee of Creditor [CoC]. Accordingly, the present application is allowed.
Facts- This is an application filed on 18.06.2024 by Mr. Pankaj Mahajan, the Resolution Professional of M/S VHV Beverages Private Limited, the Corporate Debtor before this Adjudicating Authority u/s. 33(2) of the Insolvency and Bankruptcy Code, 2016 seeking initiation of liquidation proceedings of the Corporate Debtor based on the decision taken by the Committee of Creditor in its 31st Meeting held on 27.05.2024.
Conclusion- It is to be noted that, even otherwise, pursuant to indulgence by this adjudicating authority, opportunities have been given to resolute the Corporate Debtor or otherwise for a revised resolution plan. However, the COC members, have taken a clear and unambiguous decision to liquidate the Corporate Debtor. It is not the case, where opportunities for resolution have not been considered. They have been discussed however all went in vain. It is to be noted that the IBC proceedings are based on timelines and the process cannot be restarted every now and then defeating the very purpose of the code. The respondent has been pursuing this litigation cautiously and keeps on raising his objections one after the other to halt the process in some or the other way.
