# In the matter of KSBL SECURITIES LIMITED

> NCLT judgment dated 2026-01-22. Citation: TCN-2026-NCLT-00055. The application was filed by the Resolution Professional, Mr. Pawan Kumar Agarwal, under…

- **Court:** NCLT
- **Order date:** 22 Jan 2026
- **Citation:** TCN-2026-NCLT-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ksbl-securities-limited-21c52014

## Summary

### Background

The application was filed by the Resolution Professional, Mr. Pawan Kumar Agarwal, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation of the Corporate Debtor, KSBL Securities Private Limited.

## Facts

The Corporate Debtor, KSBL Securities Private Limited, was incorporated on 22.01.1993 under the Companies Act, 1956.

The Corporate Insolvency Resolution Process was initiated pursuant to an application filed under Section 9 of the Code, which was admitted on 18.06.2021.

The CoC was constituted on 10.07.2021.

The CoC resolved on 14.12.2021 to liquidate the Corporate Debtor and appoint the existing RP as Liquidator as no EOI was received.

The CoC approved the anticipated liquidation cost of Rs. 25 Lakh with 91.58% of the voting share.

The Tribunal appointed Mr. Gurbinder Singh as the Liquidator.

## Issues and analysis

### Issue 1: Whether the conditions under section 33 of the Insolvency and Bankruptcy Code, 2016, are satisfied …

**Ratio:** Section 33 of the Code allows for the liquidation of the Corporate Debtor if the

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**Reasoning:** The Tribunal observed that the Corporate Insolvency Resolution Process was conducted in

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**Interpretation:** The Tribunal interpreted Section 33 to mean that if no viable resolution plan

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**Application:** The Tribunal applied Section 33 and directed the Corporate Debtor to be

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Pawan Kumar…
- **Respondents:** KSBL Securities…
- **Other parties:** State Bank of…; Altruistic…; +7 more
- **Advocates:** Pawan S…

## Timeline

- **22.01.1993 — Incorporation of…**: KSBL Securities Private…
- **18.06.2021 — Admission of Section 9…**: Application under Section 9…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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