# In the matter of Parerhat Gas Industries Ltd C A No. 17-2018 In CP No.(IB)113-ALD-17

> NCLT judgment dated 2018-08-08. Citation: TCN-2018-NCLT-00981. The case involves a hearing at the Allahabad Bench of the National Company Law Tribunal (NCLT)…

- **Court:** NCLT
- **Order date:** 8 Aug 2018
- **Citation:** TCN-2018-NCLT-00981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parerhat-gas-industries-ltd-c-a-no-17-2018-in-cp-noib113-ald-17-45eb7249

## Summary

### Background

The case involves a hearing at the Allahabad Bench of the National Company Law Tribunal (NCLT) regarding the liquidation of Parerhat Gas Industries Ltd. The IBBI proposed the name of Mr. Pawan K. Goel as a liquidator for the Corporate Debtor Company, following a liquidation order passed under Section 33(2) of the I&B Code, 2016.

## Facts

The National Company Law Tribunal (NCLT), Allahabad Bench, held a hearing on August 8, 2018, regarding the matter of Punjab National Bank V/s Parerhat Gas Industries Ltd. The case pertains to Section 33(2) of the Insolvency and Bankruptcy Code (IBC). The IBBI proposed Mr. Pawan K. Goel as the liquidator for the Corporate Debtor Company, following a liquidation order passed on August 2, 2018. The court, after hearing the learned counsel and noting the absence of objections, appointed Mr. Goel as the liquidator. The liquidator is tasked with taking charge of the assets and providing a progress report within four weeks. The matter is listed for further hearing on September 10, 2018.

## Issues and analysis

### Issue 1: Whether Mr. Pawan K. Goel should be appointed as the liquidator for the Corporate Debtor Company …

**Ratio:** The ratio is that when the IBBI proposes a name for a liquidator and there are no

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**Reasoning:** The court reasoned that since the IBBI had proposed Mr. Pawan K. Goel's name and there

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**Interpretation:** Section 33(2) of the I&B Code allows for the appointment of a liquidator

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**Application:** In this case, the IBBI proposed Mr. Pawan K. Goel, and neither party objected.

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## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Appellants:** Punjab National…
- **Respondents:** Parerhat Gas…

## Timeline

- **2018-08-02 — Liquidation…**: Liquidation order passed under…
- **2018-08-07 — IBBI Commun…**: IBBI proposed the name of Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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