# In the matter of OSPL Infradeal Pvt. Ltd. CA (IB) No. 843,1035,1169 & 1185-KB-2019 in CP (IB) No. 928-KB-2018

> NCLT judgment dated 2019-10-22. Citation: TCN-2019-NCLT-00880. Religare Finvest Limited, the Financial Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ospl-infradeal-pvt-ltd-ca-ib-no-84310351169-1185-kb-2019-in-cp-ib-no-928-kb-2018-5cdf4ee7

## Summary

### Background

Religare Finvest Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against OSPL Infradeal Private Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to an alleged default of Rs. 200,00,00,000/-. The Corporate Debtor was admitted into CIRP on 2019-02-15, and Mr. Soumendra Poddar was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP). Public announcements were made to invite resolution plans, but no resolution plan was received during the CIRP period. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor.

## Facts

Religare Finvest Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against OSPL Infradeal Private Ltd., claiming a default of Rs. 200,00,00,000/-. The NCLT admitted the Corporate Debtor into CIRP on 2019-02-15 and appointed Mr. Soumendra Poddar as the IRP, later confirmed as RP. Public announcements were made to invite resolution plans, but no resolution plan was received. The CIRP period of 180 days completed on 2019-08-13. The CoC resolved to liquidate the Corporate Debtor on 2019-07-26. The RP filed an application for liquidation under Section 33 of IBC. The NCLT passed an order on 2019-10-22 directing the liquidation of the Corporate Debtor and appointed Mr. Soumendra Poddar as the Liquidator. Several applications were filed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, OSPL Infradeal Private Ltd., should be liquidated due to the failure …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for the liquidation of

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**Reasoning:** The court reasoned that since no resolution plan was received during the CIRP period and

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to achieve

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Religare Finvest…
- **Respondents:** OSPL Infradeal…

## Timeline

- **2019-02-15 — Admission in…**: The Corporate Debtor, OSPL Infradeal…
- **2019-07-26 — CoC Resolution for…**: The Committee of Creditors (CoC)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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