{"id":196172,"date":"2018-05-21T13:08:26","date_gmt":"2018-05-21T07:38:26","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=196172"},"modified":"2018-06-29T15:02:11","modified_gmt":"2018-06-29T09:32:11","slug":"nclt-rejects-appeal-for-liquidation-after-failure-of-resolution-professional-and-committee-of-creditors-to-fulfil-their-duties","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/21\/nclt-rejects-appeal-for-liquidation-after-failure-of-resolution-professional-and-committee-of-creditors-to-fulfil-their-duties\/","title":{"rendered":"NCLT: Rejects appeal for liquidation after failure of Resolution Professional and Committee of Creditors to fulfil their duties"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal:<\/strong> The Ahmedabad Bench of NCLT rejected a liquidation application made to it uNDER Section 33(2) of the Insolvency and Bankruptcy Code (\u201cthe Code\u201d) by the Resolution Professional (\u201cRP\u201d).<\/p>\n<p style=\"text-align: justify;\">The financial creditor filed for initiation of insolvency resolution process under Section 7 of the Code, which was admitted in September 2017 and subsequently a public announcement inviting claims was put out. The Committee of Creditors (\u201ccreditors\u201d) appointed an RP in their first meeting but in the second meeting decided and voted on applying to the NCLT to liquefy the corporate debtor (\u201ccompany\u201d\/ \u201cdebtor\u201d) on the grounds that:<\/p>\n<p style=\"text-align: justify;\">1. The company was non-operational for 3 years<\/p>\n<p style=\"text-align: justify;\">2. The huge inventory of trucks owned by the company was disused and deteriorating in value every day due to disrepair<\/p>\n<p style=\"text-align: justify;\">3. The chief promoter of the company had been syphoning off money and was in CBI custody<\/p>\n<p style=\"text-align: justify;\">4. The company had lost its customers and employees<\/p>\n<p style=\"text-align: justify;\">5. The loans advanced by the company were unrecoverable and the account books unreliable<\/p>\n<p style=\"text-align: justify;\">Therefore the RP was authorized to file for liquidation without completing the resolution process and the application was duly filed.<\/p>\n<p style=\"text-align: justify;\">The promoter of the company objected to this application and contended that it was still possible to revive the company and generate more revenue than what the liquidation would. The debtor alleged that the creditors have not explored any options to make the company a\u00a0going concern and have straightaway filed for liquidation. The RP, too, has failed to perform his duties prescribed under Section 25 of the Code.<\/p>\n<p style=\"text-align: justify;\">The intervener (Sunrise Polyfilms) claimed that he has been engaging the debtor\u2019s trucks regularly and had a resolution plan which would generate much more than the revenue from liquidation (a mere 10% of the original claim) within a reasonable time. The intervenor expressed his desire to be considered for appointment as resolution applicant and to manage the debtor company, repair its fleet of trucks and hence revive the company. The intervenor alleged that the RP did not advertise any bids for resolution plan applications as is mandated by Section 25(2)(h) of the Code as follows:<\/p>\n<p style=\"text-align: justify;\">\u201c(h) invite prospective lenders, investors, and any other persons to put forward resolution plans\u201d<\/p>\n<p style=\"text-align: justify;\">It was held by the NCLT that the objective of the Corporate Insolvency Resolution Process is to revive the company, and not to liquidate it. In the present case, the NCLT found no effort from either the RP or the creditors towards making the company a going concern despite the fact that the suspended management of the company has expressed confidence that the company can be revived without extra investment within a short time.<\/p>\n<p style=\"text-align: justify;\">Hence the application for liquidation was rejected, the intervention was allowed and the RP was directed to act in accordance with Section 25 of the Code and put out advertisements inviting bids to propose resolution plans and present them to the creditors as per the spirit of the Code. [Sunrise Polyfilms Pvt. Ltd. v. Punjab National Bank, Inv P.5 of 2018 in IA 27 of 2018 in C.P.(I.B) no. 89\/7\/NCLT\/AHM\/2017; decided on 04-05-2018]<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal: The Ahmedabad Bench of NCLT rejected a liquidation application made to it uNDER Section 33(2) of the Insolvency <\/p>\n","protected":false},"author":91,"featured_media":162604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[],"class_list":["post-196172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT: Rejects appeal for liquidation 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Bulchandani*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":224562,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/27\/nclat-nclts-order-directing-liquidation-of-corporate-debtor-upheld-where-resolution-applicant-was-a-related-party-and-thus-not-eligible-under-s-29-a-ibc\/","url_meta":{"origin":196172,"position":2},"title":"NCLAT | NCLT&#8217;s order directing liquidation of corporate debtor upheld where resolution applicant was a &#8216;related party&#8217; and thus not eligible under S. 29-A IBC","author":"Bhumika Indulia","date":"January 27, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice Venugopal M., Member (Judicial) and Balvider Singh and Ashok Kumar Mishra, Members (Technical) dismissed an appeal filed against the order of the National Company Law Tribunal. Chandigarh, whereby the resolution plan submitted by the appellant was rejected and liquidation of the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253366,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/27\/liquidation-process\/","url_meta":{"origin":196172,"position":3},"title":"NCLT| Evaluation of CoC wisdom, beyond the purview of NCLT-Is expected \u2018just\u2019 to initiate liquidation process rather","author":"Editor","date":"August 27, 2021","format":false,"excerpt":"National Company Law Tribunal, Hyderabad Bench: The Coram of Madan B Gosavi (Judicial Member) and Veera Brahma Rao Arekapudi (Technical Member) was of the view that the pertinent case was a fit case to pass liquidation order in consonance with the commercial wisdom in terms of Section 33(1) of the\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253056,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/21\/nclt\/","url_meta":{"origin":196172,"position":4},"title":"NCLT | With no prospects, substance and bleak chances of recovery, Resolution Professional seeks liquidation &#8212; With its acceptance, Nirav Modi\u2019s Firestar dooms","author":"Editor","date":"August 21, 2021","format":false,"excerpt":"National Company Law Tribunal (NCLT): The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) while allowing the application for the liquidation of the Corporate Debtor by the CoC, appointed Mr Santanu T Ray as the Liquidator as provided under Section 34(1) of the Insolvency and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":352279,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/03\/nclt-approves-adani-properties-acquisition-two-hdil-assets\/","url_meta":{"origin":196172,"position":5},"title":"\u2018Resolution plans comply with IBC and CIRP Regulations\u2019; NCLT approves Adani Properties acquisition of two HDIL assets","author":"Sonali Ahuja","date":"July 3, 2025","format":false,"excerpt":"Reiterating that the commercial wisdom of the CoC is to be given paramount importance for approval\/rejection of the Resolution Plan, the NCLT held that the Resolution Plans in the present case met the requirements of the IBC and the IBBI Regulations, and thus, had to be approved.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Adani acquisition of HDIL assets","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Adani-acquisition-of-HDIL-assets.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Adani-acquisition-of-HDIL-assets.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Adani-acquisition-of-HDIL-assets.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/Adani-acquisition-of-HDIL-assets.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/196172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=196172"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/196172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=196172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=196172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=196172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}