# In the matter of BOP Projects Pvt. Ltd. (IB)-526(ND)-2017I

> NCLT judgment dated 2018-10-11. Citation: TCN-2018-NCLT-00598. The case involves an application (CA 627/2018) filed under Section 33(2) read with Section 44…

- **Court:** NCLT
- **Order date:** 11 Oct 2018
- **Citation:** TCN-2018-NCLT-00598
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bop-projects-pvt-ltd-ib-526nd-2017i-6bfd107c

## Summary

### Background

The case involves an application (CA 627/2018) filed under Section 33(2) read with Section 44 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) decided in its meeting on September 27, 2018, to proceed towards liquidation due to the absence of tangible assets and a resolution plan for the Corporate Debtor. The COC's decision was supported by 70.5% of its members.

## Facts

The Corporate Debtor lacks tangible assets and a resolution plan. The Committee of Creditors (COC) voted with 70.5% in favor of liquidation during a meeting held on September 27, 2018. An application (CA 627/2018) was filed under Section 33(2) read with Section 44 of the IBC, seeking permission for liquidation. The Resolution Professional (RP) filed the application based on the COC's decision. The court found that liquidation was in the interest of justice.

## Issues and analysis

### Issue 1: Whether the application for liquidation should be permitted given the absence of tangible assets …

**Ratio:** Section 33(2) read with Section 44 of the IBC allows for liquidation when there are no

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**Reasoning:** The court relied on the decision of the COC, which voted in favor of liquidation due to

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**Interpretation:** Section 33(2) and Section 44 of the IBC are interpreted to allow liquidation

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**Application:** The court applied the ratio to the facts, noting that the Corporate Debtor had

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## Parties

- **Judges:** DEΕΡΑ KR…; Ina Mal…
- **Respondents:** BOP Projects Pvt.…; Kanwal Cha…

## Timeline

- **2018-09-27 — COC Meet…**: The Committee of Creditors (COC)…
- **2018-10-11 — Hearing…**: Hearing before the New Delhi Bench of…

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