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

> NCLT judgment dated 2018-10-11. Citation: TCN-2018-NCLT-00599. 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-00599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bop-projects-pvt-ltd-ib-526nd-2017i-f4dedb77

## Summary

### Background

The case involves an application (CA 627/2018) filed under Section 33(2) read with Section 44 of the IBC, seeking liquidation of the Corporate Debtor. The Committee of Creditors (COC) resolved to proceed with liquidation due to the absence of tangible assets and a resolution plan. The COC's decision was made in a meeting held on September 27, 2018.

## Facts

Govind Ram & Ors. V/s. BOP Projects Pvt. Ltd. is the case before the NCLT, New Delhi Bench. The application, CA 627/2018, was filed under Section 33(2) read with Section 44 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) decided on September 27, 2018, to proceed with liquidation because the company had no tangible assets and no resolution plan. The COC's decision was supported by 70.5% of its members. The Resolution Professional (RP) filed an application seeking permission for liquidation. The NCLT found that liquidation was in the interest of justice and allowed the application. The RP was directed to continue as the liquidator, subject to their consent being placed on record within 2 days. The matter was listed for consent of the

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## Issues and analysis

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

**Ratio:** Section 33(2) of the IBC allows for liquidation when no resolution plan is approved or

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**Reasoning:** The court reasoned that since there were no tangible assets and no resolution plan,

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**Interpretation:** Section 33(2) and Section 44 of the IBC are interpreted to mean that if a

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**Application:** In this case, the absence of tangible assets and a resolution plan, coupled

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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) resolved to proceed with liquidation due to the absence…
- **2018-10-11 — NCLT Hea…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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