# In the matter of Biotropics Pharma Pvt. Ltd. C.A. 978 (PB) -2018 In Company Petition No. (IB)-239(PB)-2017

> NCLT judgment dated 2018-10-26. Citation: TCN-2018-NCLT-00470. The case pertains to an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 26 Oct 2018
- **Citation:** TCN-2018-NCLT-00470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/biotropics-pharma-pvt-ltd-ca-978-pb-2018-in-company-petition-no-ib-239pb-2017-75044009

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/s Biotropics Pharma Pvt. Ltd. An operational creditor, M/s Baddi Foils Pvt. Ltd., had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 09.04.2018, and Mr. Naresh Kumar Sood was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite resolution plans, but none were received.

## Facts

M/s Biotropics Pharma Pvt. Ltd. is the corporate debtor. M/s Baddi Foils Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Biotropics Pharma Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 09.04.2018, and Mr. Naresh Kumar Sood was appointed as the Interim Resolution Professional (IRP). Public announcements were made in various newspapers, including Financial Express, Punjab Kesari, and the Tribune, inviting resolution plans. Despite these efforts, no resolution plan was received. The Committee of Creditors (CoC) met on 11.06.2018 and 27.07.2018 to discuss the lack of resolution plans. The Resolution Professional (RP) sent numerous emails and letters to potential

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s Biotropics Pharma Pvt. Ltd., …

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

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**Reasoning:** The court reasoned that despite multiple attempts to solicit resolution plans, none were

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to produce

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**Application:** In this case, the Resolution Professional made extensive efforts to solicit

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Naresh Kuma…
- **Respondents:** Biotropics Pharma…; Ashok Kumar…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No.…
- **2018-04-09 — CIRP Application…**: The application under Section 9 of the Code for initiation of Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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