# In the matter of Bookawheel Technologies Pvt. Ltd. CA No. 361-2018 in CP (IB) No. 03-Chd-HP-2017

> NCLT judgment dated 2018-09-18. Citation: TCN-2018-NCLT-00739. The case pertains to CP (IB) 03/Chd/Hry/2018, filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Sept 2018
- **Citation:** TCN-2018-NCLT-00739
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bookawheel-technologies-pvt-ltd-ca-no-361-2018-in-cp-ib-no-03-chd-hp-2017-3f6ba0ee

## Summary

### Background

The case pertains to CP (IB) 03/Chd/Hry/2018, filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Resfeber Labs Private Limited against Bookawheel Technologies Private Limited. The application was admitted on 05.03.2018, and a moratorium was declared. The operational creditor did not propose a Resolution Professional. Mr. Brij Nandan Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and during scrutiny of transactions, discrepancies were observed. The CoC decided to recommend liquidation of the corporate debtor.

## Facts

Resfeber Labs Private Limited initiated insolvency proceedings against Bookawheel Technologies Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 05.03.2018, leading to a moratorium. Brij Nandan Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), consisting of 11 employees and nine trade creditors, was formed. The RP held three meetings of the CoC. No resolution plan was received despite advertisements. The CoC, in its meeting on 10.08.2018, resolved to recommend liquidation. The corporate debtor had limited assets. The RP expressed reluctance to be appointed as Liquidator. The 180-day period for the

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## Issues and analysis

### Issue 1: Whether the requirements of Section 33(2) of the Insolvency and Bankruptcy Code, 2016, are …

**Ratio:** Section 33(2) of the Code allows the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The court considered the fact that the Committee of Creditors, with a voting share of

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

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**Application:** In this case, the CoC, with more than the required voting share, decided to

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Resfeber Labs…
- **Respondents:** Bookawheel…

## Timeline

- **2018-03-05 — Admission of Ap…**: The application filed under Section 9 of the IBC was admitted, and a moratorium was…
- **2018-03-07 — Consent o…**: Mr. Brij Nandan Kalra furnished his written…

## 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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