# In the matter of Emgee Cables and Communications Limited IA No. 117-JPR-2019 in CP(IB) No. 601(ND)-2018

> NCLT judgment dated 2019-09-18. Citation: TCN-2019-NCLT-01399. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 18 Sept 2019
- **Citation:** TCN-2019-NCLT-01399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emgee-cables-and-communications-limited-ia-no-117-jpr-2019-in-cpib-no-601nd-2018-474c5fa0

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of liquidation proceedings against Emgee Cables and Communications Limited, the Corporate Debtor. This application was approved by the Committee of Creditors (CoC). Prior to this, an application under Section 9 of the IBC was filed by Packwell (India) Private Limited (Operational Creditor) against Emgee Cables. The Tribunal admitted the insolvency petition on 27.07.2018 and appointed Mr. Sandeep Kumar Jain as Interim Resolution Professional (IRP). The IRP constituted the CoC, and in its first meeting on 24.08.2018, the CoC unanimously resolved to replace the IRP with Mr. Pankaj Mahajan, who was then

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## Facts

M/s. Packwell (India) Pvt. Ltd., an operational creditor, initiated corporate insolvency resolution process (CIRP) against M/s. Emgee Cables and Communications Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The insolvency petition was admitted on 27.07.2018. Mr. Sandeep Kumar Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and Mr. Pankaj Mahajan was appointed as the Resolution Professional (RP), replacing the IRP. The RP invited expressions of interest (EOI) twice, but no resolution plan was received initially. A resolution plan from a consortium was later received but rejected by the CoC due to concerns about the source of funds (loans and advances,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Emgee Cables and Communications Limited, should be liquidated under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The Tribunal reasoned that the resolution process had failed, with no viable resolution

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the resolution process

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**Application:** In this case, the RP had intimated the Adjudicating Authority of the CoC's

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## Parties

- **Judges:** POONDLA BHASKARA…; RaghuNa…
- **Appellants:** Pankaj Ma…
- **Respondents:** Emgee Cables and…; Amol…
- **Advocates:** Anubha…; Amol…; +4 more

## Timeline

- **2018-07-27 — Insolvency Petition…**: The Tribunal admitted the insolvency petition filed by M/s. Packwell (India) Private…
- **2018-07-27 — IRP Appo…**: Mr. Sandeep Kumar Jain was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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