# In the matter of Air Pegasus Private Limited C.P. (I.B) No. 180-BB-2018

> NCLT judgment dated 2020-06-24. Citation: TCN-2020-NCLT-01122. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Air…

- **Court:** NCLT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLT-01122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-pegasus-private-limited-cp-ib-no-180-bb-2018-7b684d30

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Air Pegasus Private Limited. The CIRP was initially triggered by M/s. Skyways Technics A/s. (Petitioner/Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the CIRP on 23.08.2019, appointing Mr. Shirley Mathew as the Interim Resolution Professional (IRP). Subsequently, Mr. M. V. Sudarshan replaced the IRP as the Resolution Professional (RP). Despite efforts to find a resolution plan, including seeking extensions of time, no viable plan was submitted. The company's assets were limited, and its primary asset, the Air Operator Permit (AOP), had expired. The Committee of Creditors (CoC), consisting of Canara Bank with 100% voting rights,

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## Facts

M/s. Skyways Technics A/s initiated CIRP against M/s. Air Pegasus Private Limited under Section 9 of IBC, 2016. The CIRP was admitted on 23.08.2019. Mr. Shirley Mathew was appointed as IRP, later replaced by Mr. M. V. Sudarshan as RP. Three Expression of Interest (EOI) were received, but no resolution plan was submitted. The RP sought extensions of time. The company's assets were limited, consisting primarily of ground support equipment lying idle at various airports and an expired Air Operator Permit (AOP). The suspended Director of the company expressed inability to identify the assets. The CoC, consisting of Canara Bank with 100% voting rights, approved the dissolution of the Corporate Debtor on 29th May, 2020. The Fair Value and Liquidation Value were NIL. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Air Pegasus Private Limited, should be dissolved due to the …

**Ratio:** Section 54 of the Code reads “54. (1) Where the assets of the Corporate Debtor have been

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**Reasoning:** The Adjudicating Authority reasoned that the Corporate Debtor had no realisable assets

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**Interpretation:** Section 54 of the IBC allows for the dissolution of a corporate debtor when its

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**Application:** In this case, the Adjudicating Authority applied Section 54 of the IBC and Rule

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Skyways…
- **Respondents:** M/s Air Pegasus…

## Timeline

- **2018-01-01 — CIRP Init…**: M/s. Skyways Technics A/s filed C.P.(IB)No.180/BB/2018 to initiate CIRP against M/s. Air…
- **2019-08-23 — CIRP Admi…**: The Adjudicating Authority admitted the CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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