# In the matter of ORG Informatics Ltd. IA No. 610-2019 in C.P.(IB) No. 120-NCLT-AHM-2017

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00525. The case pertains to IA 610 of 2019 in C.P.(I.B) No. 120/NCLT/AHM/2017 before the National…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/org-informatics-ltd-ia-no-610-2019-in-cpib-no-120-nclt-ahm-2017-16ea9a01

## Summary

### Background

The case pertains to IA 610 of 2019 in C.P.(I.B) No. 120/NCLT/AHM/2017 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application was filed under Section 33(1), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, ORG Informatics Ltd. The matter was pending due to reasons attributed to a member of the Committee of Creditors (CoC), Punjab National Bank. The CIRP was to expire on 2019-07-14.

## Facts

The case involves the insolvency resolution of ORG Informatics Ltd. The CIRP was initiated, and an IRP/RP was appointed. The CIRP period was to expire on 2019-07-14. The Committee of Creditors (CoC) comprised six financial creditors: Punjab National Bank, Edelweiss ARC, Bank of Baroda, Barclays Bank, Standard Chartered Bank, and Bank of India. Five out of the six members of the CoC voted for liquidation, representing 80.61% of the voting share. Edelweiss ARC abstained from voting but did not object to the liquidation. The CoC passed a resolution for liquidation on 2019-06-12. Punjab National Bank submitted that they had no dispute with regards to the liquidation. The IRP/RP filed an application for liquidation under Section 33(1), 33(2) & 34(1) of the Insolvency

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can interfere with the commercial wisdom of the Committee of …

**Ratio:** The commercial wisdom of the Committee of Creditors cannot be interfered with by the

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**Reasoning:** The Hon'ble Supreme Court took the view that the commercial wisdom has been exercised by

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**Interpretation:** This principle establishes that the decisions made by the CoC, particularly

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**Application:** In this case, the CoC voted in favor of liquidation, and the Adjudicating

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Kiran…
- **Respondents:** ORG Informatics…; COC of ORG…

## Timeline

- **2019-11-20 — Order Da…**: The Adjudicating Authority passes an order…
- **2019-07-14 — CIRP Exp…**: The CIRP was to expire…

## 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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