# In the matter of Enestee Engineering Limited, I.A. 1325/2020 in C.P. 2925/I&B/MB/2018

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00620. The Corporate Insolvency Resolution Process (CIRP) was initiated against Enestee Engineering…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/enestee-engineering-limited-ia-13252020-in-cp-2925ibmb2018-746101db

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Enestee Engineering Limited, the Corporate Debtor, based on a Section 9 petition filed by the Financial Creditor. Mr. Atul Rajwadkar was appointed as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. Several meetings of the Committee of Creditors (CoC) were held to discuss the resolution plan. Despite multiple extensions, no resolution plan was received.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Enestee Engineering Limited on 17.09.2019, following a Section 9 petition by the Financial Creditor. Mr. Atul Rajwadkar was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 30.09.2019. Claims from 139 Operational Creditors amounting to INR 43,17,19,096.55/- and claims from 80 workmen and employees amounting to INR 58,11,044/- were admitted. The first CoC meeting was held on 25.10.2019, confirming Mr. Atul Rajwadkar as the Resolution Professional (RP). Subsequent CoC meetings were held to discuss and extend the deadline for submitting a resolution plan. Despite multiple extensions, no resolution plan was received. The CoC then decided to liquidate the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency & …

**Ratio:** Section 33 of the Insolvency & Bankruptcy Code allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (CoC) determined that there was no prospect of a resolution

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to achieve

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was based on

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Atul Rajw…
- **Respondents:** Enestee Engineerin…

## Timeline

- **2019-09-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2019-09-30 — Public Annou…**: The Applicant made the public announcement in Form A on 30.09.2019 for intimating…

## Legal provisions

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

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