# In the matter of Bansal Shipping Pvt. Ltd. IA-311(AHM)2021 in CP (IB) 635 (AHM) 2019

> NCLT judgment dated 2021-06-21. Citation: TCN-2021-NCLT-01937. The case pertains to an Interlocutory Application (IA 311/2021) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLT-01937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bansal-shipping-pvt-ltd-ia-311ahm2021-in-cp-ib-635-ahm-2019-acdb2439

## Summary

### Background

The case pertains to an Interlocutory Application (IA 311/2021) filed by the Resolution Professional (RP) for the liquidation of the Corporate Debtor, M/s. Bansal Shipping Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) following an order dated 2020-12-08. The CIRP commenced on the same date, and a public announcement was made inviting claims. Only one claim was filed by an Operational Creditor. The Committee of Creditors (COC) was formed, comprising one unsecured Operational Creditor with 100% voting rights. The COC resolved to appoint the applicant as the RP. The RP informed that the Corporate Debtor had no fixed assets. The COC resolved not to publish Form-G due to the absence of assets. The COC then

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## Facts

The Corporate Debtor, M/s. Bansal Shipping Private Limited, was admitted into CIRP on 2020-12-08. A public announcement was made to invite claims, with a deadline of 2020-12-23. Only one claim of Rs. 5,25,000/- was filed by an Operational Creditor. The COC, consisting of a single unsecured Operational Creditor, held its first meeting on 2021-01-06, resolving to appoint the applicant as the RP. The RP informed the COC that the Corporate Debtor had no fixed assets. In the second COC meeting on 2021-02-04, it was decided not to publish Form-G due to the lack of assets. In the third meeting on 2021-04-06, the COC resolved to initiate the liquidation process and appoint the RP as Liquidator, approving liquidation costs of Rs. 80,000/-. The RP informed the COC that the

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed by the Resolution Professional for liquidation of the …

**Ratio:** An order of liquidation can be passed when no resolution plan has been received and the

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**Reasoning:** The court reasoned that since no resolution plan was received and the COC had resolved to

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**Interpretation:** This interpretation aligns with the provisions of the Insolvency and Bankruptcy

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**Application:** In this case, the absence of a resolution plan and the COC's decision to

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Bhavi Shreyans…
- **Respondents:** Bansal Shipping…; Himanshubhai…

## Timeline

- **2020-12-08 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by order of…
- **2020-12-08 — CIRP Commen…**: Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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