# In the matter of Pan India Network Limited I.A. 1807 of 2020 in C.P. No. 3493 of 2019

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00109. The case involves an application (I.A. No. 1807/2020) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pan-india-network-limited-ia-1807-of-2020-in-cp-no-3493-of-2019-9439cef2

## Summary

### Background

The case involves an application (I.A. No. 1807/2020) filed by the Resolution Professional, Mr. Hemant Sharma, seeking liquidation of Pan India Network Limited (Corporate Debtor) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Pan India Network Limited following an order dated 09.10.2019, admitting a petition under Section 7 of the Code filed by Central Bank of India (Financial Creditor). Despite efforts to find a resolution plan, including publishing advertisements inviting Expression of Interest (EoI), no resolution plan was received. The Committee of Creditors (CoC) decided in its 5th meeting on 24.03.2020 to liquidate the Corporate Debtor.

## Facts

The Central Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Pan India Network Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 09.10.2019. Mr. Hemant Sharma was appointed as the Interim Resolution Professional (IRP). An advertisement inviting Expression of Interest (EoI) was published, with the last date for receipt of EoI being 09.01.2020 and the last date for submission of the Resolution Plan being 22.02.2020. The CoC again published Form G, inviting EoI on 25.01.2020, extending the last date for receipt of EoI to 09.02.2020 and the last date for submission of the Resolution Plan to 19.03.2020. Only one entity, Prudent ARC Limited, submitted an EoI, but no Resolution Plan

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Pan India Network Limited should be allowed due to the …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Committee of Creditors (CoC), with a 95.82% majority, decided to liquidate the

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**Interpretation:** Section 33(1)(a) provides a legal basis for liquidation when the CIRP fails to

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**Application:** Since no resolution plan was received despite multiple attempts and the CoC

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Hemant S…
- **Respondents:** Pan India Network…; Pan India Network…

## Timeline

- **2019-10-09 — Admission of Section 7…**: Petition under Section 7 of the IBC filed by Central Bank of India was admitted,…
- **2019-12-25 — First Publication of…**: Advertisement inviting Expression of Interest (EoI) was published in Free Press Journal…

## 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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