# In the matter of Pack Tech Systems Private Limited C.A. 722 (PB)-2019 in Company Petition No. (IB)-543 (PB)-2018

> NCLT judgment dated 2019-04-24. Citation: TCN-2019-NCLT-03723. The case pertains to an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 24 Apr 2019
- **Citation:** TCN-2019-NCLT-03723
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pack-tech-systems-private-limited-ca-722-pb-2019-in-company-petition-no-ib-543-p-9d74c3bf

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/s. Pack Tech Systems Private Limited. The financial creditor, M/s. Macro Leafin Private Limited, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 10.10.2018, and Mr. Tarun Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Pack Tech Systems Private Limited, the corporate debtor, faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Macro Leafin Private Limited, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated because the corporate debtor was unable to pay its debts. The application was admitted on 10.10.2018. Mr. Tarun Jain was appointed as the Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of the financial creditor, M/s. Macro Leafin Private Limited, holding 100% voting rights. The corporate debtor had discontinued its business, had no employees, and possessed minimal assets. The CoC decided not to

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. Pack Tech Systems Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court reasoned that the Committee of Creditors, consisting of the sole financial

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC, being the sole financial creditor, voted in favor of

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Tarun…
- **Respondents:** Pack Tech Systems…

## Timeline

- **2018-10-10 — CIRP Init…**: Application under Section 7 of IBC filed by Macro Leafin Private Limited was admitted…
- **2018-10-13 — Public Annou…**: Resolution Professional published a public announcement in 'Financial Express' and…

## Legal provisions

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

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