# In the matter of Navran Advanced Nano Products Development International Pvt. Ltd. CA-271-C-II-ND-2018 in IB-342-ND-2017

> NCLT judgment dated 2019-04-04. Citation: TCN-2019-NCLT-04159. The application was moved seeking the liquidation of the Corporate Debtor (CD) by the…

- **Court:** NCLT
- **Order date:** 4 Apr 2019
- **Citation:** TCN-2019-NCLT-04159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/navran-advanced-nano-products-development-international-pvt-ltd-ca-271-c-ii-nd-2-0d0897bc

## Summary

### Background

The application was moved seeking the liquidation of the Corporate Debtor (CD) by the Resolution Professional based on the recommendation of the Committee of Creditors (CoC). The CIRP was initiated by the Tribunal based on the application filed by the Corporate Debtor itself under section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The Interim Resolution Professional initiated necessary steps under sections 15, 17 & 18 of IBC, 2016, including a public announcement. Claims were received from Financial Creditors, workmen, and other employees of the Corporate Debtor, totaling Rs. 60,38,39,768/-. The CoC was constituted, and four meetings were convened. The Resolution Professional published an advertisement inviting resolution plans, but only one

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## Facts

Navran Advanced Nano Products Development International Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) made a public announcement and received claims totaling Rs. 60,38,39,768/-. Four meetings of the Committee of Creditors (CoC) were convened. The RP invited resolution plans, but only one expression of interest was received, which was later withdrawn. Despite three invitations, no resolution plan was received by the deadline. The CoC, in its fourth meeting, decided to liquidate the Corporate Debtor due to the absence of any viable resolution plan. The RP appointed two registered valuers, M/s Adroit Technical Services Pvt. Ltd. and Kanti Karamsey

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be approved given the …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, provides that where the

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**Reasoning:** The Tribunal noted that despite multiple invitations, no resolution plan was received for

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**Interpretation:** Section 33(1) of the IBC mandates liquidation if no resolution plan is received

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**Application:** In this case, since no resolution plan was received despite multiple attempts,

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## Parties

- **Judges:** R. VARADH…
- **Respondents:** Navran Advanced…; Yamini Kh…
- **Advocates:** Sanjay…; Juhi Bham…; +3 more

## Timeline

- **2018-03-16 — CIRP Init…**: CIRP initiated by the Tribunal based on the application filed by the Corporate Debtor…
- **2018-03-22 — Public Annou…**: The applicant/RP made a public announcement under regulation 6 of the Insolvency and…

## 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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