# In the matter of Doshion Water Solution Pvt. Ltd.  IA 1921 of 2019
In CP (IB) 1752-MB-C-II-2017

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01085. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/doshion-water-solution-pvt-ltd-ia-1921-of-2019-in-cp-ib-1752-mb-c-ii-2017-020f8a11

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Doshion Water Solution Private Limited, due to the absence of a viable resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Bank of Baroda under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Ketulbhai Ramubhai Patel was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. Despite efforts to solicit resolution plans, none were approved by the Committee of Creditors (CoC).

## Facts

Bank of Baroda filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Doshion Water Solution Pvt Ltd. Mr. Ketulbhai Ramubhai Patel was appointed as the IRP and later confirmed as the RP. The IRP published public announcements inviting claims from creditors. The first CoC meeting was held on 01.10.2018. The RP published an advertisement inviting expressions of interest (EoI) from prospective lenders and investors. The last date for submission of resolution plans was extended to 14.02.2019. No resolution plans were received by the deadline. An application for extension of the CIRP period was filed. A resolution plan from M/s P L Adke was received but rejected by the Financial Creditors representing 97.61%

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved due to the …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for liquidation when

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**Reasoning:** The court reasoned that since no resolution plan was approved by the CoC within the CIRP

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**Interpretation:** This section is interpreted to mean that if the CIRP fails to achieve a

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**Application:** In this case, the CoC, with a 100% majority, approved the liquidation of the

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Ketul R…
- **Respondents:** Doshion Water…; Bank of B…
- **Advocates:** Nalini…; Ami J…

## Timeline

- **2018-08-31 — Order for CIRP…**: Adjudicating Authority ordered initiation of…
- **2018-10-01 — First CoC M…**: The first CoC meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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