# In the matter of Bhootnath Consultancy Pvt. Ltd. CP (IB) No. 321-KB-2017

> NCLT judgment dated 2018-11-09. Citation: TCN-2018-NCLT-00365. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 9 Nov 2018
- **Citation:** TCN-2018-NCLT-00365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhootnath-consultancy-pvt-ltd-cp-ib-no-321-kb-2017-4495abf2

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Sunil Beriwal, an operational creditor, against Bhootnath Consultancy Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). The application was initially admitted, and an Insolvency Resolution Professional (IRP), Ms. Sonu Jain, was appointed.

## Facts

Sunil Beriwal, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bhootnath Consultancy Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 2018-05-07, and Ms. Sonu Jain was appointed as the Insolvency Resolution Professional (IRP). Despite public announcements and efforts to find a resolution applicant, none were identified. The IRP's efforts were deemed unsatisfactory by the court, and discrepancies were noted in the valuation report. The court directed the IRP to repeat the publication in a leading newspaper, but the IRP failed to comply. The CIRP period expired on 2018-11-02. The Committee of Creditors (CoC), with the

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## Issues and analysis

### Issue 1: Whether an order for liquidation should be passed given the failure to find a resolution applicant …

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

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**Reasoning:** The court reasoned that despite the CIRP, no resolution applicant was found, and the

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**Interpretation:** Section 33 provides a legal basis for liquidation when CIRP fails. The court

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**Application:** The court applied Section 33 to the facts of the case, noting the failure to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Sunil Be…
- **Respondents:** Bhootnath…

## Timeline

- **2017-01-01 — CP(IB) No.…**: CP(IB) No. 321/KB/2017…
- **2018-05-07 — Application A…**: The application under Section 9 was admitted, and Ms. Sonu Jain was appointed as the…

## 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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