# In the matter of Falcon Consultancy Private Limited IA(IB) No. 704-KB-2018 In CP (IB) No. 300-KB-2017 > NCLT judgment dated 2018-12-05. Citation: TCN-2018-NCLT-00186. The case involves an application filed by 44 Noida Infratech (Two) Pvt. Ltd., the Financial… - **Court:** NCLT - **Order date:** 5 Dec 2018 - **Citation:** TCN-2018-NCLT-00186 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/falcon-consultancy-private-limited-iaib-no-704-kb-2018-in-cp-ib-no-300-kb-2017-d887182f ## Summary ### Background The case involves an application filed by 44 Noida Infratech (Two) Pvt. Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on a loan of Rs. 45,20,00,000/-. The application was initially admitted, and CIRP was started. However, it was discovered that the Corporate Debtor's name had been struck off the register of companies by the RoC due to non-submission of financial statements for two consecutive years. The Resolution Professional (RP) sought permission to restore the company's name but was allowed to proceed with CIRP despite this. The CIRP period of 180 … ## Facts 44 Noida Infratech (Two) Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, claiming a default of Rs. 45,20,00,000/-. Falcon Consultancy Private Limited is the Corporate Debtor. The application was initially admitted, and CIRP was initiated. The Corporate Debtor's name was struck off the register of companies by the RoC due to non-compliance with financial statement submission requirements. The Resolution Professional (RP) did not obtain a valuation of the Corporate Debtor's assets, which included 50 acres of industrial land. The RP also failed to publish a notice calling for Expression of Interest (Eol) or seek an extension of the CIRP period. The Committee of Creditors (CoC) … ## Issues and analysis ### Issue 1: Whether the Resolution Professional (RP) followed the correct procedure as per the Insolvency & … **Ratio:** The RP has a duty to act independently and follow the procedures outlined in the I&B … **Reasoning:** The authority found that the RP did not obtain a valuation of the Corporate Debtor's … **Interpretation:** The I&B Code requires the RP to act independently and diligently in … **Application:** In this case, the RP's failure to obtain a valuation of the Corporate Debtor's … ## Parties - **Judges:** Madan B.… - **Appellants:** 44 Noida Infratech… - **Respondents:** Falcon Consultancy… ## Timeline - **2017-06-21 — RoC Orde…**: RoC, Orissa passed an order striking off the name of the Corporate Debtor from the… - **2018-02-23 — CIRP Commen…**: The authority admitted the application and started the Corporate Insolvency Resolution… ## Legal provisions - [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7) --- 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/falcon-consultancy-private-limited-iaib-no-704-kb-2018-in-cp-ib-no-300-kb-2017-d887182f