# In the matter of Gajra Bevel Gears Limited IA-98(MP)2021 in TP 179 of 2019 {CP(IB) 532 of 2019}

> NCLT judgment dated 2021-12-10. Citation: TCN-2021-NCLT-00200. The case involves an application filed by the Resolution Professional, Navin Khandelwal, for…

- **Court:** NCLT
- **Order date:** 10 Dec 2021
- **Citation:** TCN-2021-NCLT-00200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gajra-bevel-gears-limited-ia-98mp2021-in-tp-179-of-2019-cpib-532-of-2019-e1023879

## Summary

### Background

The case involves an application filed by the Resolution Professional, Navin Khandelwal, for the liquidation of the Corporate Debtor, Gajra Bevel Gears Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 12.06.2020. During the CIRP, a public announcement was made, and the CoC was constituted. Form-G was published to invite EOIs, but no resolution plan was received. The factory premises were under the custody of the Employees Provident Fund Department, requiring intervention from the Adjudicating Authority and the High Court of Madhya Pradesh to remove the seal and provide custody of the assets to the applicant.

## Facts

The Resolution Professional, Navin Khandelwal, filed an application for the liquidation of Gajra Bevel Gears Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 12.06.2020. A public announcement was made to invite claims from creditors. The CoC was constituted, and Form-G was published to invite Expression of Interests (EOIs). The last date for receipt of EOI was 11.10.2020. The factory premises of the Corporate Debtor were under the custody of the Employees Provident Fund Department, necessitating an application before the Adjudicating Authority and subsequent intervention by the High Court of Madhya Pradesh. The CoC approved the publication of a revised Form-G (EOI), with the last date for receipt of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Gajra Bevel Gears Limited, under …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor by a 100% vote, as no resolution plan

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**Interpretation:** Section 33 is interpreted to mean that if all avenues for resolution have been

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**Application:** Since no resolution plan was received and the CoC voted for liquidation, the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Navin Khan…
- **Respondents:** Gajra Bevel Gears…

## Timeline

- **2020-06-12 — Admission in…**: Corporate Debtor was…
- **2020-07-16 — Public Annou…**: IRP made a public announcement in…

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