# In the matter of Brightsun Technocraft Private Limited IA-5524-2020 in CP (IB) -1198-ND-2020

> NCLT judgment dated 2020-12-24. Citation: TCN-2020-NCLT-00009. The case pertains to IA-5524/2020 filed in CP (IB)-1198/ND/2019 under Section 33 of the…

- **Court:** NCLT
- **Order date:** 24 Dec 2020
- **Citation:** TCN-2020-NCLT-00009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brightsun-technocraft-private-limited-ia-5524-2020-in-cp-ib-1198-nd-2020-674f6bbd

## Summary

### Background

The case pertains to IA-5524/2020 filed in CP (IB)-1198/ND/2019 under Section 33 of the Insolvency and Bankruptcy Code, 2016, regarding Brightsun Technocraft Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.02.2020. The applicant issued form A for invitation of claims from creditors on 24.10.2019. Two claims were received. The Committee of Creditors (CoC) was constituted on 28.03.2020. The applicant also filed an application under section 19(2) of IBC, 2016 for seeking cooperation from ex-management. The resolution professional visited the registered office on 06.10.2020 and found it locked. The 3rd CoC meeting held on 20.08.2020 resolved to publish form G for Expression of Interest (Eols). The auditor provided the provisional

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Brightsun Technocraft Private Limited after CP (IB) – 1198/ND/2019 was admitted on 07.02.2020. The Resolution Professional (RP), Mr. K Subhra Narayan Mohapatra, issued a public announcement inviting claims from creditors, receiving two claims in response. A Committee of Creditors (CoC) was constituted with two operational creditors. The RP filed an application under section 19(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking cooperation from the ex-management of the Corporate Debtor. The RP visited the registered office but found it locked. The 3rd CoC meeting resolved to publish form G for Expression of Interest (Eols) without a financial statement. The auditor of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Brightsun Technocraft Pvt. Ltd., should be liquidated due to the …

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

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**Reasoning:** The court noted that no resolution plan was received by the applicant before the expiry

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**Interpretation:** Section 33(1) of the I&B Code provides the authority to pass a liquidation

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**Application:** Since no resolution plan was received within the stipulated time, and the CoC

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** K Subhra Narayan…
- **Respondents:** Brightsun…

## Timeline

- **2019-10-24 — Invitation of…**: The applicant issued form A for invitation of claims from the creditors of the corporate…
- **2020-02-07 — Admission of…**: CP (IB) – 1198/ND/2019 was admitted by the Authority, and the Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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