# In the matter of Avani Impex Private Limited I.A. 907 of 2021 in C.P. No. 2829 of 2019

> NCLT judgment dated 2021-11-16. Citation: TCN-2021-NCLT-00497. The case involves an application filed by the Resolution Professional, Mr. Pawan Kumar Ramdhan…

- **Court:** NCLT
- **Order date:** 16 Nov 2021
- **Citation:** TCN-2021-NCLT-00497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avani-impex-private-limited-ia-907-of-2021-in-cp-no-2829-of-2019-6f3df0ee

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Pawan Kumar Ramdhan Agarwal, seeking the liquidation of Avani Impex Private Limited, referred to as the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The application was filed in the context of Company Petition (IB) 2829 of 2019. The Tribunal had previously admitted the petition under Section 9 of the Code, initiated by Mayank Arora & Co., Operational Creditor, against Avani Impex Private Limited, and appointed the applicant as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and meetings were held to explore resolution options. However, due to the lack of a viable resolution plan and the CoC's assessment that revival was not

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## Facts

Mr. Pawan Kumar Ramdhan Agarwal, the Resolution Professional, filed an application seeking liquidation of Avani Impex Private Limited (Corporate Debtor) under Section 33 of the Insolvency and Bankruptcy Code, 2016. The initial petition was admitted on 2020-01-31 under Section 9 of the Code, initiated by Mayank Arora & Co. (Operational Creditor). The first CoC meeting occurred on 2020-02-29. The second CoC meeting was held on 2020-06-23, where an Expression of Interest (EOI) was invited. Dharmesh Trivedi and Modilal Pamecha were appointed as Registered Valuers. The third CoC meeting occurred on 2020-08-04, where the EOI from Sanjay Punglia was rejected. The fourth CoC meeting was held on 2020-11-19, where the CoC decided to liquidate the Corporate Debtor due to the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Avani Impex Private Limited, …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in deciding

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**Reasoning:** The Tribunal observed that the CoC, after considering the circumstances and the lack of a

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**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Application:** In this case, the CoC, with 100% voting, decided that there was no possibility

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Pawan Kumar…
- **Respondents:** Avani Impex…

## Timeline

- **2020-01-31 — Admission of…**: The Tribunal admitted the petition under Section 9 of the Code, initiated by Mayank Arora…
- **2020-02-29 — First CoC M…**: The first meeting of the…

## Legal provisions

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

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