# 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-00124. 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-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pan-india-network-limited-ia-1807-of-2020-in-cp-no-3493-of-2019-9a1caa49

## Summary

### Background

The case involves an application (I.A. No. 1807/2020) filed by the Resolution Professional, Mr. Hemant Sharma, seeking the 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, where the petition under Section 7 of the Code was admitted, 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

On 09.10.2019, the NCLT admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Central Bank of India, initiating CIRP against Pan India Network Limited. Mr. Hemant Sharma was appointed as the Interim Resolution Professional (IRP). Advertisements were published to invite Expression of Interest (EoI) from potential resolution applicants. Despite multiple attempts and extensions, only one EoI was received from Prudent ARC Limited, but no resolution plan was submitted. The CoC, in its 5th meeting held on 24.03.2020, decided to liquidate the Corporate Debtor due to the absence of a resolution plan. Mr. Hemant Sharma, initially appointed as liquidator, was unable to perform his duties due to health reasons. The CoC approved the initiation

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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

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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 clear legal basis for liquidation when the CIRP

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**Application:** Since no resolution plan was received for Pan India Network Limited, and the

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## Parties

- **Judges:** SUCHITRAKAN…; Chandra Bha…
- **Appellants:** Hemant S…
- **Respondents:** Pan India Network…; Sagar E-Shop Pvt…
- **Advocates:** Sneha Nan…

## Timeline

- **2019-10-09 — Initiation…**: The NCLT admitted the petition under Section 7 of the Code filed by Central Bank of…
- **2019-12-25 — First Publicati…**: 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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