# In the matter of Dev Denso Power Limited IA-24(PB)-2020 in (IB)-81(PB)-2019

> NCLT judgment dated 2021-09-06. Citation: TCN-2021-NCLT-01182. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Sept 2021
- **Citation:** TCN-2021-NCLT-01182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-denso-power-limited-ia-24pb-2020-in-ib-81pb-2019-0a8f5133

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) seeking a liquidation order for Dev Denso Power Limited. The RP also requested to be appointed as the liquidator. The CoC had passed a resolution for liquidation in its 7th meeting held on 2019-12-04 with a requisite majority. The Tribunal admitted the case on 2019-06-11, and the applicant was appointed as IRP and subsequently confirmed as RP. During the Corporate Insolvency Resolution Process (CIRP), seven meetings were held. Form A was published in newspapers on 2019-06-13, and Form G was published on 2019-08-15, inviting Eols from prospective resolution applicants. The time to receive Eols was extended three times, but no

…

## Facts

Oriental Bank of Commerce initiated insolvency proceedings against Dev Denso Power Limited under the Insolvency and Bankruptcy Code, 2016. The application was filed under Section 33 of the IBC. The Corporate Insolvency Resolution Process (CIRP) commenced, and Pooja Bahry was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). During the CIRP, seven meetings were conducted. Despite extending the deadline for receiving Expressions of Interest (Eols) from prospective resolution applicants multiple times, no resolution plan was received. Consequently, the Committee of Creditors (CoC) voted with 100% share to liquidate the Corporate Debtor. The 7th CoC meeting was held on 2019-12-04. The Tribunal admitted the case

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, …

**Ratio:** When the Corporate Insolvency Resolution Process (CIRP) fails to produce a viable

…

**Reasoning:** The Tribunal noted that despite multiple extensions for receiving Expressions of Interest

…

**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code, 2016 provides for liquidation

…

**Application:** In this case, the CIRP failed as no resolution plan was received. The CoC voted

…

## Parties

- **Judges:** Bhaskara Pantula…; HEMANT KUMAR…
- **Appellants:** Oriental Bank of…
- **Respondents:** Dev Denso Power…

## Timeline

- **2016-01-01 — Application…**: Applications filed u/s…
- **2019-06-11 — Case Adm…**: This (IB)-81(PB)/2019 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/dev-denso-power-limited-ia-24pb-2020-in-ib-81pb-2019-0a8f5133