# In the matter of IAP Company Pvt. Ltd. CA-140-ND-2019 in IB-446-ND-2017

> NCLT judgment dated 2020-09-28. Citation: TCN-2020-NCLT-00521. The case pertains to CA-140/ND/2019 filed in IB-446/ND/2017 by Mr. Dharmendra Kumar, the…

- **Court:** NCLT
- **Order date:** 28 Sept 2020
- **Citation:** TCN-2020-NCLT-00521
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/iap-company-pvt-ltd-ca-140-nd-2019-in-ib-446-nd-2017-257b717c

## Summary

### Background

The case pertains to CA-140/ND/2019 filed in IB-446/ND/2017 by Mr. Dharmendra Kumar, the Resolution Professional, under the Insolvency and Bankruptcy Code, 2016, seeking appropriate orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. after an application under Section 9 of the IBC, 2016, was filed by Takkshill Enterprises (Operational Creditor) and admitted on 28.02.2018. Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) meetings were conducted, and a resolution plan was put for discussion. However, 68.58% of the CoC members voted against the resolution plan, while 25.88% abstained, and only 5.54% voted in

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## Facts

Mr. Dharmendra Kumar, the Resolution Professional, filed CA-140/ND/2019 in IB-446/ND/2017 under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against IAP Company Pvt. Ltd. following an application under Section 9 of the IBC, 2016, by Takkshill Enterprises (Operational Creditor), which was admitted on 28.02.2018. Mr. Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) convened meetings, during which a resolution plan was presented. However, the voting results revealed that 68.58% of the CoC members voted against the plan, 25.88% abstained, and only 5.54% voted in favor. The CoC advised revisiting the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, IAP Company Pvt. Ltd., should be ordered for liquidation given the …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates the initiation of the

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Sub-section

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**Interpretation:** The legal interpretation is that upon the rejection of a resolution plan and

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**Application:** In this case, the resolution plan was rejected by a majority of the CoC

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## Parties

- **Judges:** CH. MOHD SHARIEF…; SHRI, NARENDER…
- **Appellants:** Dharmendra…
- **Respondents:** IAP Company…

## Timeline

- **2017-01-01 — Filing of IB-44…**: IB-446/ND/201…
- **2018-02-28 — Admission of Application…**: Application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by Takkshill…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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