# 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-01079. The Resolution Professional filed an application seeking liquidation of the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01079
- **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-2017-0afa9144

## Summary

### Background

The Resolution Professional filed an application seeking liquidation of the Corporate Debtor, Doshion Water Solution Private Limited, because there was no possibility for resolution. The Adjudicating Authority had previously ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor 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), and later confirmed as the Resolution Professional. The IRP published a public announcement inviting claims from creditors and employees. The Committee of Creditors (CoC) was formed, and valuers and a forensic auditor were appointed. Despite efforts to

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## Facts

The Resolution Professional filed an application seeking liquidation of Doshion Water Solution Private Limited because no resolution plan was feasible. Bank of Baroda initiated CIRP under Section 7 of the IBC. Ketulbhai Ramubhai Patel was appointed as IRP and later confirmed as RP. Public announcements were made to invite claims from creditors. The first CoC meeting was held on 2018-10-01. Grant Thornton India LLP was appointed as forensic auditor. Despite inviting resolution plans, none were received by the extended deadline of 2019-02-14. A resolution plan from M/s P L Adke was rejected by financial creditors representing 97.61% of the voting share of CoC. The CoC, in its thirteenth meeting on 2019-05-24, directed the applicant to file for liquidation. The CoC

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that since no resolution plan was approved despite multiple attempts

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** The court applied this ratio to the fact that no resolution plan was approved

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## Parties

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

## Timeline

- **2018-08-31 — Order for Initiation of…**: Adjudicating Authority orders initiation of CIRP against Doshion Water Solution Private…
- **2018-10-01 — First CoC M…**: The first meeting of the…

## 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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