# In the matter of Parivartan Buildtech Pvt. Ltd. I.A. 638 & 2712-ND-2020 in Company Petition No (IB)-299(ND)2019

> NCLT judgment dated 2020-08-17. Citation: TCN-2020-NCLT-00843. The case involves an application (I.A. 2712/ND/2020) filed by Mr. Parivartan Singh against Ms.…

- **Court:** NCLT
- **Order date:** 17 Aug 2020
- **Citation:** TCN-2020-NCLT-00843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parivartan-buildtech-pvt-ltd-ia-638-2712-nd-2020-in-company-petition-no-ib-299nd-c6af8e95

## Summary

### Background

The case involves an application (I.A. 2712/ND/2020) filed by Mr. Parivartan Singh against Ms. Deepika Bhugra Prasad, the Resolution Professional (RP) of the Corporate Debtor, Parivartan Buildtech Pvt. Ltd. The application objects to the Liquidation Application. The Financial Creditor, M/s Banyan Tree Developers Pvt. Ltd., initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 14.05.2019. Anjali Sharma was initially appointed as the Interim Resolution Professional (IRP), later replaced by Deepika Bhugra Prasad. The CIRP expired on 09.01.2020, and the Resolution Plan was rejected by the Committee of Creditors (CoC) with 61.3% votes against it. The applicant alleges that the AAAIP (AAA Insolvency Professional LLP),

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## Facts

M/s Banyan Tree Developers Pvt. Ltd., the Financial Creditor, initiated CIRP against M/s Parivartan Buildtech Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC. The application was admitted on 14.05.2019. Initially, Ms. Anjali Sharma was appointed as IRP, later replaced by Ms. Deepika Bhugra Prasad as RP. The CIRP expired on 09.01.2020, and the resolution plan was rejected by the CoC with 61.3% votes. Mr. Parivartan Singh filed I.A. 2712/2020 objecting to the liquidation application, alleging premature liquidation of assets by AAAIP, where the RP is a partner, and a conflict of interest due to the relationship between AAAIP and AAACS. The RP stated that the advertisement for asset sale was for lead generation and AAACS's membership was used to save costs. The

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## Issues and analysis

### Issue 1: Whether the actions of the Resolution Professional (RP) and AAAIP in allegedly liquidating assets …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) mandates that liquidation can only commence

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**Reasoning:** The court noted the applicant's objection that AAAIP had already started liquidating

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**Interpretation:** The IBC requires strict adherence to the prescribed process for liquidation,

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**Application:** The court directed the Respondent not to take any assistance of the AAACS or

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## Parties

- **Judges:** Ch. Mohd Sharief…; Shri. L. N.…
- **Appellants:** Parivartan…
- **Respondents:** Parivartan…; Deepika Bhugra…

## Timeline

- **2019-05-14 — CIRP Admi…**: The Tribunal admitted the application for initiation of Corporate Insolvency Resolution…
- **2019-05-24 — Public Annou…**: The Interim Resolution Professional made a Public Announcement in Form-A, which was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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