# In the matter of Berhampur Finance & Leasing Private Limited CA(IB) No. 296-KB-2019 In CP(IB) No. 735-KB-2018

> NCLT judgment dated 2019-03-25. Citation: TCN-2019-NCLT-04354. The case involves an application filed by the Resolution Professional seeking an order for the…

- **Court:** NCLT
- **Order date:** 25 Mar 2019
- **Citation:** TCN-2019-NCLT-04354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/berhampur-finance-leasing-private-limited-caib-no-296-kb-2019-in-cpib-no-735-kb-4a716b4e

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, Berhampur Finance & Leasing Private Limited. M/s. Pitti & Co., the Operational Creditor, initiated the CIRP process against the Corporate Debtor by filing Petition CP(IB) No. 735/KB/2018. The application was admitted on 13-09-2019, and Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional. Public announcements were made, and two claims were received, one from the Financial Creditor and one from the Operational Creditor. The Interim Resolution Professional constituted the Committee of Creditors on 05-10-2018. The IRP's name was approved by the COC and re-confirmed by the Bench on 12-10-2018. The Resolution

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## Facts

M/s. Pitti & Co., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Berhampur Finance & Leasing Private Limited, the Corporate Debtor, by filing CP(IB) No. 735/KB/2018. The application was admitted on 13-09-2019, and Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and received two claims. The Committee of Creditors (COC) was constituted on 05-10-2018, and the IRP's appointment was confirmed. The Resolution Professional (RP) appointed valuers and prepared an Information Memorandum. Despite calling for expressions of interest, no resolution plan was received by the deadline of 24-01-2019. The 180-day CIRP period expired on 11-03-2019. The COC, with 100% vote

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## Issues and analysis

### Issue 1: Whether an order of liquidation should be passed against the Corporate Debtor, Berhampur Finance …

**Ratio:** Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, permits the Resolution

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**Reasoning:** The court noted that despite best efforts, the Resolution Professional was unable to

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**Interpretation:** Section 33(1)(a) provides a legal basis for initiating liquidation proceedings

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**Application:** In this case, the Resolution Professional was unable to secure a resolution

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## Parties

- **Judges:** Jinan…
- **Appellants:** Pitti &…
- **Respondents:** Berhampur Finance…

## Timeline

- **2018-01-01 — CP(IB) F…**: M/s. Pitti & Co. filed Petition CP(IB) No. 735/KB/2018 for initiating CIRP against…
- **2018-10-05 — COC Const…**: The Interim Resolution Professional…

## 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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