# In the matter of BHA Associates Private Limited I.A. 2830-2020 In Company Petition No. (IB) – 854 (PB) -2018

> NCLT judgment dated 2021-05-10. Citation: TCN-2021-NCLT-02171. The case pertains to an application filed by the Resolution Professional under Section 33 of…

- **Court:** NCLT
- **Order date:** 10 May 2021
- **Citation:** TCN-2021-NCLT-02171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bha-associates-private-limited-ia-2830-2020-in-company-petition-no-ib-854-pb-201-90aa2e75

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, BHA Associates Private Limited. Initially, Dena Bank, a Financial Creditor, had filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. This application was admitted on 30.04.2019, and Mr. Pawan Kumar Agarwal was appointed as the Interim Resolution Professional (IRP).

## Facts

Dena Bank, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against BHA Associates Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2019-04-30, leading to the commencement of CIRP. Mr. Pawan Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was constituted. The CoC resolved to invite expressions of interest for resolution plans, but no plan was submitted. In the fourth CoC meeting held on 2019-10-26, Indiabulls Housing Finance Limited, the sole member of the CoC, voted to liquidate BHA Associates Private Limited. The Resolution Professional then filed an application under Section 33 of the IBC seeking

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## Issues and analysis

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

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Tribunal reasoned that since no resolution plan was received and the Committee of

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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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:** SHRI. B.S.V…; SHRI. HEMANT…
- **Respondents:** BHA Associates…

## Timeline

- **2019-04-30 — CIRP Init…**: Application under Section 7 of IBC filed by Dena Bank was admitted, initiating CIRP…
- **2019-05-05 — Public Annou…**: Interim Resolution Professional made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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