# In the matter of Hipad Technology India Private Limited IA No. 146 of 2021 in CP(IB) No. 421-ALD-2019

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01731. The case involves an application filed under Section 33 read with 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hipad-technology-india-private-limited-ia-no-146-of-2021-in-cpib-no-421-ald-2019-ba487071

## Summary

### Background

The case involves an application filed under Section 33 read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking an order for the liquidation and appointment of a liquidator for Hipad Technology India Private Limited. The Adjudicating Authority had previously initiated the CIRP based on a petition filed by the Financial Creditor under Section 7 of the Code. The Committee of Creditors (COC) decided to liquidate the Corporate Debtor due to the deterioration of assets and the lack of prospects for resolution.

## Facts

The Adjudicating Authority initiated the CIRP for Hipad Technology India Private Limited based on a petition filed by the Financial Creditor under Section 7 of the IBC. Mr. Sandeep Chandna was initially appointed as the IRP but was later replaced by Mr. Ajit Kumar as RP. The COC, after considering the deteriorated condition of the company's assets and the lack of a viable resolution plan, decided to liquidate the Corporate Debtor. The assets, including heavy machinery, were left at the premises of Nimmi Build Tech Pvt. Ltd without maintenance or security after the suspended directors absconded from the country. The RP appraised the procedure of liquidation to the COC. The COC passed a resolution with 100% voting shares to liquidate the Corporate Debtor. The RP filed an

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Hipad Technology India Private …

**Ratio:** Section 33(2) of the IBC mandates that where the resolution professional, at any time

…

**Reasoning:** The Tribunal observed that the COC, in its fifth meeting dated 25.03.2021 with 100%

…

**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to pass

…

**Application:** In this case, the COC had decided to liquidate the Corporate Debtor due to the

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Ajit K…
- **Respondents:** HIPAD TECHNOLOGY…; INDUSTRIAL AND…

## Timeline

- **2020-12-09 — Adjudicating Authority…**: The Adjudicating Authority passed an order based on a petition filed by the Financial…
- **2021-01-27 — Tribunal Ap…**: The tribunal approved the replacement of the initial RP with Mr. Ajit Kumar in the 2nd…

## Legal provisions

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

---

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/hipad-technology-india-private-limited-ia-no-146-of-2021-in-cpib-no-421-ald-2019-ba487071