# In the matter of Beta Infratech Private Limited I.A. 2124 (PB)-2020 in Company Petition No. (IB) - 117 (PB)-2019

> NCLT judgment dated 2020-07-24. Citation: TCN-2020-NCLT-00974. The case involves an application filed by the Resolution Professional under Section 33(1)(a) of…

- **Court:** NCLT
- **Order date:** 24 Jul 2020
- **Citation:** TCN-2020-NCLT-00974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/beta-infratech-private-limited-ia-2124-pb-2020-in-company-petition-no-ib-117-pb-9fb9204d

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Beta Infratech Private Limited. Punjab National Bank, the Financial Creditor, had initially filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2019-06-14. Mr. S V Satyanarayana was appointed as the Interim Resolution Professional (IRP).

## Facts

Punjab National Bank (PNB), the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Beta Infratech Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-06-14, and Mr. S V Satyanarayana was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors and constituted a Committee of Creditors (CoC). The CoC appointed the applicant as the Resolution Professional. Despite several extensions, no resolution plan was received from the shortlisted Resolution Applicants, including M/s. JC Flowers Assets Reconstruction Pvt. Ltd., M/s. Aditya Birla ARC Ltd., and Mr. Anuj Nautiyal. The CoC then

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is justified in ordering the liquidation of the Corporate Debtor …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates that where the

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**Reasoning:** The court reasoned that the statutory provisions of Section 33(1)(a) are clear and

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**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision that triggers

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**Application:** In this case, the resolution process failed, and no resolution plan was

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Respondents:** M/s Beta Infratech…; Sunil B…

## Timeline

- **2019-06-14 — CIRP Init…**: Application under Section 7 of IBC filed by Punjab National Bank was admitted, initiating…
- **2019-07-12 — CoC Meet…**: Meeting of the Committee of…

## 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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