# In the matter of Accord Industries Limited I.A. No. 210-20320 in C.P. (I.B) No. 143-7-NCLT-AHM-2017

> NCLT judgment dated 2020-06-19. Citation: TCN-2020-NCLT-01141. The case pertains to IA 210 of 2020 in CP(IB) 143 of 2017 before the National Company Law…

- **Court:** NCLT
- **Order date:** 19 Jun 2020
- **Citation:** TCN-2020-NCLT-01141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/accord-industries-limited-ia-no-210-20320-in-cp-ib-no-143-7-nclt-ahm-2017-0bd33db5

## Summary

### Background

The case pertains to IA 210 of 2020 in CP(IB) 143 of 2017 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The Resolution Professional of the Corporate Debtor, Accord Industries Limited, sought an order for the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 26.07.2019. The application for CIRP was filed under Section 7 of the Insolvency and Bankruptcy Code by the Financial Creditor, Canbank Factors Limited. The IRP/RP was appointed and made a public announcement on 09.09.2019. Meetings of the Committee of Creditors (CoC) were held, but the Information Memorandum was not prepared due to incomplete information from the Suspended Board of Directors. The CoC

…

## Facts

The Corporate Debtor, Accord Industries Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Canbank Factors Limited. The CIRP was initiated vide order dated 26.07.2019. An Interim Resolution Professional (IRP)/Resolution Professional (RP) was appointed, who made a public announcement on 09.09.2019. Meetings of the Committee of Creditors (CoC) were convened, but an Information Memorandum could not be prepared due to incomplete information provided by the Suspended Board of Directors. The CoC rejected the proposal for extending the CIRP period. The assets of the company were mortgaged/hypothecated to Indian Overseas Bank and had been taken into possession

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved given the …

**Ratio:** The legal principle applied is that if no resolution plan is received and the Committee

…

**Reasoning:** The court reasoned that no resolution plan was received, the CIRP period had been

…

**Interpretation:** This interprets the provisions of the Insolvency and Bankruptcy Code (IBC)

…

**Application:** Given the facts that there were no tangible assets, no resolution plan was

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Ravi Ka…
- **Respondents:** Accord Industries…

## Timeline

- **2017-01-01 — CP(IB) 143…**: The Corporate Debtor was admitted in Corporate Insolvency Resolution Process (CIRP) in…
- **2019-07-26 — Order for…**: Order was passed to admit the Corporate Debtor into Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/accord-industries-limited-ia-no-210-20320-in-cp-ib-no-143-7-nclt-ahm-2017-0bd33db5