# In the matter of Albanna Engineering (India) Pvt. Ltd. IA (IBC)-147(KOB)-2021 in IBA-38-KOB-2019

> NCLT judgment dated 2021-12-02. Citation: TCN-2021-NCLT-00298. The application IA(IBC)/147/KOB/2021 was filed under Section 33(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Dec 2021
- **Citation:** TCN-2021-NCLT-00298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/albanna-engineering-india-pvt-ltd-ia-ibc-147kob-2021-in-iba-38-kob-2019-a45753f7

## Summary

### Background

The application IA(IBC)/147/KOB/2021 was filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mr. Vinod Balachandran, who was appointed by the Tribunal in IBA/38/KOB/2019 regarding Albanna Engineering (India) Private Limited. The Operational Creditor, M/s Sanghvi Movers Ltd., had initiated the Corporate Insolvency Resolution Process (CIRP) by filing I.B.A No. 38/2019 under Section 9 of the IBC against Albanna Engineering (India) Pvt. Ltd. The Tribunal admitted the application on 25.10.2019 and appointed an Interim Resolution Professional. Public announcements were made, and a Committee of Creditors (CoC) was formed. The CoC resolved to appoint the IRP as the Resolution Professional. The corporate debtor is

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## Facts

M/s Sanghvi Movers Ltd., an Operational Creditor, initiated CIRP against M/s Albanna Engineering (India) Pvt. Ltd. under Section 9 of the IBC. The application was admitted on 25.10.2019. Mr. Vinod Balachandran was appointed as the Resolution Professional. The Corporate Debtor is non-operational and did not provide access to its books of accounts. M/s. Albanna Engineering LLC, UAE, is the 100% holding company of the Corporate Debtor. The holding company had provided performance bank guarantees to M/s BPCL-Kochi Refinery. The Tribunal directed BPCL-Kochi Refinery not to pay any amount to the holding company and later directed them to invoke the bank guarantee and deposit the proceeds. The voting rights of Punjab National Bank Ltd. were reduced due to receipt of funds

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s Albanna Engineering (India) Private Limited, should be put under …

**Ratio:** Section 33(1) of the IBC, 2016, provides that where the Adjudicating Authority, after

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**Reasoning:** The Tribunal noted that the Resolution Applicant had not furnished any Resolution Plan

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**Interpretation:** Section 33(1) of the IBC mandates liquidation if no viable resolution plan is

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**Application:** In this case, since no resolution plan was received despite inviting EOIs and

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** Vinod Balac…
- **Respondents:** Albanna Engineerin…; Sanghvi Movers…

## Timeline

- **2019-10-25 — Admission of Ap…**: The Tribunal admitted the application…
- **2019-11-25 — First COC M…**: The first meeting of the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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