# In the matter of Punjab National Bank Vs. Mr. Kiran Shah, Liquidator of ORG Informatics Ltd. CA(AT)(Ins) No. 102 of 2020

> NCLAT judgment dated 2020-01-21. Citation: TCN-2020-NCLAT-00513. The case pertains to the 'Corporate Insolvency Resolution Process' of ‘M/s. ORG Informatics…

- **Court:** NCLAT
- **Order date:** 21 Jan 2020
- **Citation:** TCN-2020-NCLAT-00513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/punjab-national-bank-vs-mr-kiran-shah-liquidator-of-org-informatics-ltd-ca-9744ed64

## Summary

### Background

The case pertains to the 'Corporate Insolvency Resolution Process' of ‘M/s. ORG Informatics Limited’ (Corporate Debtor). The Committee of Creditors, with Punjab National Bank as the lead bank, decided to move an application for liquidation of the Corporate Debtor. The Resolution Professional was asked to move an application for liquidation under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, accepted the application via an order dated November 20, 2019. The Resolution Professional was asked to continue as Liquidator.

## Facts

The 'Corporate Insolvency Resolution Process' was initiated for ‘M/s. ORG Informatics Limited’ (Corporate Debtor). The Committee of Creditors, led by Punjab National Bank, decided to pursue liquidation. An application for liquidation was filed under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, approved the liquidation via an order dated November 20, 2019. The Resolution Professional was instructed to continue as Liquidator. The Appellant contested the appointment of the Liquidator. The court noted that post-liquidation, the Committee of Creditors' role is limited to that of a claimant, and they lack the authority to seek the Liquidator's removal without specific

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors has a role to …

**Ratio:** After the liquidation order, the Committee of Creditors' role is limited to that of a

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**Reasoning:** The court reasoned that once a liquidation order is issued, the Committee of Creditors no

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**Interpretation:** This interprets the Insolvency and Bankruptcy Code to mean that the powers and

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**Application:** In this specific case, the court applied this principle to determine that the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** M/s. ORG Informati…; Kiran…

## Timeline

- **2019-11-20 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad,…
- **2020-01-21 — Decision to Move…**: The Committee of Creditors of ‘M/s. ORG Informatics Limited’ decided to move an…

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