# In the matter of Onkar Electronics Pvt. Ltd. IA No. 2458-ND-2021 in IB-1604-(ND)-2019

> NCLT judgment dated 2021-09-16. Citation: TCN-2021-NCLT-01105. The case involves an application filed by the Interim Resolution Professional (IRP) in a…

- **Court:** NCLT
- **Order date:** 16 Sept 2021
- **Citation:** TCN-2021-NCLT-01105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/onkar-electronics-pvt-ltd-ia-no-2458-nd-2021-in-ib-1604-nd-2019-04d9f8e9

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) in a Corporate Insolvency Resolution Process (CIRP) initiated against Onkar Electronics Pvt. Ltd. The IRP reports that despite the publication of notice and initiation of CIRP in September 2020, no claims were received, and the Committee of Creditors (CoC) was not formed. The operational creditor did not come forward to file a claim. The Corporate Debtor did not extend any cooperation, and notices sent to the company address and Ex-Director were returned with remarks indicating the company and directors' addresses were not found.

## Facts

The CIRP was initiated against Onkar Electronics Pvt. Ltd. in September 2020. The IRP published a notice, but no claims were received from creditors. A Committee of Creditors (CoC) was not formed. The operational creditor who initiated the CIRP did not file a claim. The Corporate Debtor did not cooperate with the CIRP process. Notices sent to the company address and the Ex-Director were returned undelivered. The IRP requested to be discharged and for suitable fees to be decided. An amount of Rs. 1,00,000/- was deposited by the Operational Creditor, and expenses of Rs. 40,588/- were incurred. The IRP was functioning till the date of the order.

## Issues and analysis

### Issue 1: Whether the CIRP initiated against the Corporate Debtor should be terminated due to the lack of …

**Ratio:** A Corporate Insolvency Resolution Process (CIRP) should be terminated if there is a lack

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**Reasoning:** The court reasoned that continuing the CIRP would be pointless as no claims were

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**Interpretation:** This interpretation emphasizes the importance of active participation and

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**Application:** In this case, the lack of claims, the non-formation of the CoC, and the

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Arinjaya Ku…
- **Respondents:** Onkar Electronics…
- **Advocates:** Rajbir Singh…

## Timeline

- **2020-09-01 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Onkar Electronics Pvt.…
- **2021-09-16 — Order Del…**: Court order delivered, terminating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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