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2025 Supreme(Online)(NCLT) 3710
NATIONAL COMPANY LAW TRIBUNAL
Sunil Kumar Aggarwal, Member (Judicial), Radhakrishna Sreepada, Member (Technical)
Kalpana Kamlesh Gandhi – Appellant
Versus
Konverge Healthcare Private Limited – Respondent
C.P. (IB) No. 133/BB/2023
For the Applicant: Shri Shrinath Bhat
Court ruled that lack of creditor claims necessitated the initiation of liquidation under the Insolvency and Bankruptcy Code to avoid an unproductive CIRP.
Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Sections 33(2) and 60(5) - Liquidation process initiation - Application filed by Interim Resolution Professional - Lack of valid claims from Financial and Operational Creditors - No constitution of Committee of Creditors - Tribunal directed liquidation as continuation of Corporate Insolvency Resolution Process would serve no useful purpose.(Paras 1, 6, 7)
(B) Corporate Debtor's financial position - Assets significantly less than liabilities - Reminders sent to creditors for claims but without response - Tribunal observed no meaningful continuation of CIRP is possible under the circumstances.(Paras 5, 6)
Facts of the case:
Application filed under the Insolvency and Bankruptcy Code with no claims received from Financial Creditors and Operational Creditors' claims could not be verified. Therefore, the Interim Resolution Professional petitioned for the initiation of liquidation proceedings under Section 33 of the Code.
Findings of Court:
The Corporate Debtor was found unviable for continuation due to lack of valid claims from creditors and should be liquidated as per provisions of the Code.
Issues: The primary issue addressed was whether to initiate liquidation due to insufficient creditor claims.
Ratio Decidendi: The Tribunal held that without valid claims, proceeding with the CIRP serves no beneficial purpose, leading to the decision for liquidation.
Result: I.A. No. (Liq) 01/2025 stands allowed and disposed of.
IN THE NATIONAL COMPANY LAW TRIBUNAL
BENGALURU BENCH, BENGALURU
(Exercising powers of Adjudicating Authority under
The Insolvency and Bankruptcy Code, 2016)
(Through Web-Based Video Conferencing)
IA No. (Liq) 01/2025
In C.P. (IB) No. 133/BB/2023
U/s. 33(2) r/w section 60 (5) (c) of the
Insolvency and Bankruptcy Code, 2016 R/w Rule 11 of the NCLT Rules, 2016
In the matter of IA No. (Liq) 01/2025 :
Kalpana Kamlesh Gandhi
Interim Resolution Professional of
M/s Konverge Healthcare Private Limited ….. Applicant
In the decided matter of:
Konverge Healthcare Private Limited
…..Original Applicant/ Corporate Applicant
Order Delivered on: 25.07.2025
Coram: 1. Hon’ble Shri Sunil Kumar Aggarwal, Member (Judicial)
2. Hon’ble Shri Radhakrishna Sreepada, Member (Technical),
Parties/Counsels Present:
For the Applicant: Shri Shrinath Bhat
O R D E R application and pass an order for initiation of liquidation of Corporate Applicant.
1. This Present Application has been filed on 13.12.2024 under section 33 (2) and
section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w rule 11 of the National Company Law Tribunal Rules, 2016 by Kalpana Kamlesh Gandhi, Interim Resolution Professional of the Konverge Healthcare Private Limited (“Corporate
Debtor”) inter-alia praying to this Adjudicating Authority for following reliefs:- A. It is humbly prayed that, since there is no claim by the Financial Creditors
of the Company and since no claims of the operational creditors have been admitted and no CoC is constituted, Hon’ble Tribunal may admit the
B. Adding to the above prayer “Pass any kind of order which is necessary in this regard to protect the interest of the shareholders & stakeholders large on equitable grounds
2. Brief facts of the application are given hereunder:
a. The Company Petition bearing C.P (IB) No.133/BB/2023 was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (‘CIRP’) against Corporate Debtor was admitted on 06.11.2024 and Ms. Kalpana Kamlesh Gandhi was appointed as Interim Resolution Professional (“IRP”) of the Corporate Debtor.
b. After receiving the Order of appointment of the Applicant as the IRP of the Corporate Debtor, the IRP issued a Public Announcement in the newspapers in Form-A on 09.11.2024 as per Regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016 and the last date for submission of claims was 22. 11.2024.
c. By 23.11.2024, only 7 claims from Operational Creditors were received. On
27.11.2024, a claim was submitted by a director of the corporate debtor, who qualifies as a related party u/s 5(24) of the Code.
d. Further, on 29.11.2024 one claim from Operational Creditor was received.
Despite issuing two reminder emails to the Financial Creditors, no claims have been received from them. As the financial statements did not separately disclose the amounts payable to each Operational Creditor, the statement of claim was forwarded to the Suspended Board of Directors (SBOD) of the Corporate Debtor for their assistance in providing the supporting ledger. Three reminder emails were subsequently sent to the SBOD, seeking the requisite details and supporting documents necessary to verify the claim submitted by the Operational Creditor.
e. However, there has been no response received from the SBOD with the supporting documents to verify the claims of the Operational Creditors due to which the IRP could not accept the claims of the Operational Creditors. There being no claims submitted by the Financial Creditors and no supporting documents to accept the claims, the Committee of Creditors could not be constituted.
f. As per the books of accounts as on 25.08.2023 that provided by SBOD, the Corporate Applicant has an Asset of Rs. 18,08,105/- and Liability of Rs. 6,66,37,431/-. The bank summary of ICICI Bank for the period from 20.11.2023 to 21.07.2024 based on ICICI Bank statement provided by SBOD is attached as Annexure C whi
