# In the matter of Apex Engineering Solution & Services Pvt. Ltd. M.A. 523 of 2018 In T.C.P.(IB)-615(MB)-2017

> NCLT judgment dated 2018-07-25. Citation: TCN-2018-NCLT-01069. The case involves an application filed by the Resolution Professional seeking an order for the…

- **Court:** NCLT
- **Order date:** 25 Jul 2018
- **Citation:** TCN-2018-NCLT-01069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apex-engineering-solution-services-pvt-ltd-ma-523-of-2018-in-tcpib-615mb-2017-7490dcf1

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking an order for the commencement of liquidation process for the Corporate Debtor, Apex Engineering Solution & Services Pvt. Ltd. National Commercial Corporation, an Operational Creditor, had previously filed a petition under Section 9 of the I&B Code for an outstanding debt of ₹11,45,788/-. The Operational Creditor's petition was admitted on 19.07.2017, and Mr. Jitesh Gupta was appointed as the Interim Resolution Professional (IRP), initiating a moratorium.

## Facts

National Commercial Corporation (Operational Creditor) filed a petition under Section 9 of the I&B Code against Apex Engineering Solution & Services Pvt. Ltd. (Corporate Debtor) for an outstanding debt of ₹11,45,788/-. The petition was admitted on 19.07.2017, and Mr. Jitesh Gupta was appointed as the Interim Resolution Professional (IRP), initiating a moratorium. The IRP advertised the insolvency proceedings, inviting expressions of interest, and Dombivali Nagarik Sahakari Bank lodged a claim of ₹13,08,01,117/-. Meetings of the Committee of Creditors (CoC) were held, and the IRP was appointed as the Resolution Professional on 06.12.2017. Despite these efforts, no resolution plan was submitted. Consequently, the CoC decided on 12.03.2018 to initiate liquidation

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## Issues and analysis

### Issue 1: Whether the liquidation process should be initiated for the Corporate Debtor, Apex Engineering …

**Ratio:** When no resolution plan is received and the Committee of Creditors has resolved to

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**Reasoning:** The court reasoned that the admitted factual position is that no resolution plan has been

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**Interpretation:** This legal issue concerns the interpretation and application of the Insolvency

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**Application:** In this specific case, the absence of a resolution plan, despite the efforts of

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** National Commercia…
- **Respondents:** Apex Engineering…

## Timeline

- **2017-07-19 — Admission of Operational…**: The petition of the Operational Creditor, National Commercial Corporation, was admitted,…
- **2017-12-06 — Appointment of…**: The IRP was appointed as…

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