NCLT Kochi Orders Liquidation Of Samson And Sons Builders And Developers Under Section 33 Of IBC
The NCLT Kochi bench comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has ordered for Liquidation of Samson and Sons builders and Developers Pvt. Ltd. (“Corporate Debtor”) under section 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Corporate Debtor filed an Application before NCLT Kochi through its...
The NCLT Kochi bench comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has ordered for Liquidation of Samson and Sons builders and Developers Pvt. Ltd. (“Corporate Debtor”) under section 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Corporate Debtor filed an Application before NCLT Kochi through its Resolution Professional for extension of time for completion of Resolution Process of the Corporate Debtor.
The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 03.11.2021. There had already been 180 days of extension provided by the Tribunal and the Resolution Professional had demanded another 90 day extension vide this application. 6 project plans had been received but there were applications pending on behalf of land owners of two projects to exclude their lands from the assets of the Corporate Debtor. The Tribunal observed that even though there was a possibility of getting plans project wise, but there is no chance of a viable plan till settlement is reached with the land owners.
The maximum time period under Section 12 of IBC, 2016 was 330 days but 519 days had already expired. The Tribunal observed that maximization of the assets of the Corporate Debtor is the object of IBC, 2016 but the said maximization has to be achieved within the timeline provided.
The Tribunal being satisfied that more than 17 months had expired since the date the Corporate Debtor was admitted into CIRP ordered for Liquidation of the Corporate Debtor
Samson and Sons builders and Developers Pvt. Ltd. is a Non-govt. company engaged Construction of buildings and civil engineering.
Case No.
IA (IBC)/157/KOB/2023 in CP (IB)/5/KOB/2021
Case Name
Vijayakumaran J vs Samson and Sons builders and Developers Pvt. Ltd