# In the matter of Brainer Impex Ltd. M.A. No. 642 of 2020 in C.P. No. 4134-IB-2018

> NCLT judgment dated 2021-09-23. Citation: TCN-2021-NCLT-01022. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 23 Sept 2021
- **Citation:** TCN-2021-NCLT-01022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brainer-impex-ltd-ma-no-642-of-2020-in-cp-no-4134-ib-2018-6f65b44a

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Brainer Impex Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. following a petition by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Despite efforts, no resolution plan was received, leading the Committee of Creditors (CoC) to decide on liquidation.

## Facts

The Cosmos Co-operative Bank Ltd., a Financial Creditor, initiated proceedings against Brainer Impex Ltd., the Corporate Debtor. An application was filed by the Resolution Professional (RP), Mr. Vishram Narayan Panchpor, seeking liquidation of Brainer Impex Ltd. because no resolution plan was received. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. on 2019-06-24, following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC) decided to appoint Mr. Panchpor as the Resolution

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

**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 since no resolution plan was received, and the CoC had approved

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

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**Application:** In this case, the absence of a resolution plan, the CoC's decision to

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Vishram Narayan…
- **Respondents:** Brainer Imp…

## Timeline

- **2018-01-01 — C.P. No. 4134…**: Initial filing of the Corporate…
- **2019-06-24 — Initiation…**: Adjudicating Authority directed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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