# In the matter of Pantel Technologies Private Limited I.A. 5295-2021 in Company Petition No. (IB) - 923(ND)-2020

> NCLT judgment dated 2021-12-17. Citation: TCN-2021-NCLT-00133. The case pertains to the initiation of Corporate Insolvency Resolution Process (CIRP) against…

- **Court:** NCLT
- **Order date:** 17 Dec 2021
- **Citation:** TCN-2021-NCLT-00133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pantel-technologies-private-limited-ia-5295-2021-in-company-petition-no-ib-923nd-fc8a7625

## Summary

### Background

The case pertains to the initiation of Corporate Insolvency Resolution Process (CIRP) against Pantel Technologies Private Limited. An operational creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Tribunal on 2020-11-26. Mr. Deepak Kukreja was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Gagan Gulati replaced Mr. Kukreja as the IRP. The IRP made a public announcement and constituted a Committee of Creditors (CoC). Several meetings of the CoC were held to explore resolution plans. However, no resolution plan was submitted.

## Facts

Ankur Enterprises, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Pantel Technologies Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted by the National Company Law Tribunal (NCLT) on 2020-11-26. Initially, Mr. Deepak Kukreja was appointed as the Interim Resolution Professional (IRP), but later, Mr. Gagan Gulati replaced him. The IRP made a public announcement and formed a Committee of Creditors (CoC). Several CoC meetings were held, but no resolution plan was submitted by any prospective resolution applicant. The CoC sought extensions for the CIRP period, but ultimately, they could not pass a resolution for the liquidation of the corporate debtor.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Pantel Technologies Private …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, stipulates that if no

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**Reasoning:** The court reasoned that since no resolution plan was approved by the CoC within the CIRP

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**Interpretation:** Section 33(1) mandates liquidation when the CIRP fails to produce a viable

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**Application:** In this case, the absence of an approved resolution plan and the expiration of

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## Parties

- **Judges:** P.S.N PR…; RAHUL BHA…
- **Appellants:** Ankur Enter…
- **Respondents:** Pantel Technologie…

## Timeline

- **2020-11-26 — CIRP Init…**: The Tribunal admitted the application under Section 9 of the Code, initiating CIRP…
- **2020-11-01 — Appointment…**: Mr. Deepak Kukreja was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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