# In the matter of Pet Metal Private Limited I.A. No. 169 of 2021 in C.P. (IB) No. 95-9-NCLT-AHM-2019

> NCLT judgment dated 2021-06-07. Citation: TCN-2021-NCLT-02018. The case pertains to an Interlocutory Application (I.A. No. 169 of 2021) filed in CP(IB) No.…

- **Court:** NCLT
- **Order date:** 7 Jun 2021
- **Citation:** TCN-2021-NCLT-02018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pet-metal-private-limited-ia-no-169-of-2021-in-cp-ib-no-95-9-nclt-ahm-2019-93798d34

## Summary

### Background

The case pertains to an Interlocutory Application (I.A. No. 169 of 2021) filed in CP(IB) No. 85/9/NCLT/AHM/2019 under Sections 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. The application was filed by the Resolution Professional (RP), Mr. Gordhanbhai Ratnabhai Godhani, for M/s. Pet Metal Private Limited, seeking an order for the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 20.08.2020 following an application by the Operational Creditor, M/s. Maloo Bhatt & Co, due to a default of Rs. 3,02,303/-. Mr. Gordhanbhai R. Godhani was appointed as the Interim Resolution Professional (IRP) on 20.08.2021 and subsequently as the RP. The IRP formed a Committee of

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## Facts

M/s. Pet Metal Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) after defaulting on an operational debt of Rs. 3,02,303/- to M/s. Maloo Bhatt & Co (Operational Creditor). The CIRP was initiated based on an application under Section 9 of the I.B. Code, leading to the admission of the Corporate Debtor on 20.08.2020. Gordhanbhai Ratnabhai Godhani was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP formed a Committee of Creditors (CoC) with three members holding 100% voting shares. Despite efforts to find a resolution plan, including publishing Form G for Expression of Interest (EOI), no viable resolution plan was received. The CoC, in its meeting on 05.02.2021,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Pet Metal Private Limited, should be liquidated under the …

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

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**Reasoning:** The court reasoned that since no resolution plan was received despite efforts to solicit

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

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**Application:** In this case, the absence of a resolution plan and the CoC's decision to

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Gordhanbhai…
- **Respondents:** Pet Metal Private…; Maloo Bhatt and…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No.85/9/NCLT/AHM/…
- **2020-08-20 — CIRP Admi…**: Corporate Debtor admitted into CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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