# In the matter of Padmavati Intermediates Private Limited I.A. No. 354 of 2021 in C.P. (I.B) No. 807-9-NCLT-AHM-2019

> NCLT judgment dated 2021-11-16. Citation: TCN-2021-NCLT-00483. The case pertains to an application filed by Mr. Darshan Bharatbhai Patel, the Resolution…

- **Court:** NCLT
- **Order date:** 16 Nov 2021
- **Citation:** TCN-2021-NCLT-00483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/padmavati-intermediates-private-limited-ia-no-354-of-2021-in-cp-ib-no-807-9-nclt-e94e837f

## Summary

### Background

The case pertains to an application filed by Mr. Darshan Bharatbhai Patel, the Resolution Professional (RP) of the Corporate Debtor, M/s Padmavati Intermediates Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by M/s Dipal Chemical Industries under Section 9 of the Code, which was admitted on 03.02.2021. Mr. Darshan Bharatbhai Patel was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP. The Committee of Creditors (CoC) in its 3rd meeting held on 07.04.2021, noted the absence of assets with the Corporate Debtor and the low likelihood of resolution. Consequently, in the 4th

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## Facts

M/s Dipal Chemical Industries initiated Corporate Insolvency Resolution Process (CIRP) against M/s Padmavati Intermediates Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2021-02-03. Mr. Darshan Bharatbhai Patel was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) determined that the Corporate Debtor had no assets and that a resolution was unlikely. Consequently, the CoC unanimously resolved to liquidate the Corporate Debtor in its meeting held on 2021-05-11. Mr. Darshan Bharatbhai Patel was proposed as the liquidator. The RP filed an application under Section 33 of the IBC for liquidation. The Adjudicating

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The CoC, having determined that there are no assets and that a resolution is unlikely,

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**Interpretation:** Section 33 provides the legal basis for liquidation when resolution efforts

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**Application:** The CoC's decision to liquidate M/s Padmavati Intermediates Pvt. Ltd. due to

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Darshan Bharatbhai…
- **Respondents:** Padmavati…

## Timeline

- **2021-02-03 — Admission of CIRP…**: Application filed by M/s Dipal Chemical Industries under Section 9 of the Code was…
- **2021-04-07 — CoC's 3rd M…**: CoC discussed the lack of assets with the Corporate Debtor and the low likelihood of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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