# In the matter of Phadnis Infrastructure Limited C.P. (IB)-1028(MB)-2017

> NCLT judgment dated 2018-05-07. Citation: TCN-2018-NCLT-01452. The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 7 May 2018
- **Citation:** TCN-2018-NCLT-01452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/phadnis-infrastructure-limited-cp-ib-1028mb-2017-abdd1eb5

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the liquidation of Phadnis Infrastructure Limited. An initial order was passed under Section 9 of the IBC on 14.09.2017 following a petition by operational creditor Pradeep Mahajan and 26 others against Phadnis Infrastructure Limited for approximately Rs. 1,36,08,595.33. The corporate debtor was stated to be in financial crisis and unable to pay its debts. Various civil and criminal proceedings were pending against the corporate debtor and its directors. An Interim Resolution Professional (IRP) was appointed, and advertisements were published to invite claims from creditors. A Committee of Creditors (CoC) was formed, and a meeting was held on 05.01.2018 to appoint a

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## Facts

Pradeep Mahajan and 26 other operational creditors filed a petition against Phadnis Infrastructure Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 14.09.2017, and Kiran Kunthe was appointed as the Interim Resolution Professional (IRP), later replaced by Milind Kasodekar. The IRP published advertisements in newspapers to invite claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on 05.01.2018, where the appointment of a Resolution Professional (RP) was discussed. The Tribunal confirmed the appointment of the IRP as RP on 14.09.2017. The RP collated claims from creditors. A valuer was appointed on 07.02.2018 by the RP for valuing the properties mortgaged with Central Bank of India and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Phadnis Infrastructure Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) prescribes that where a

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**Reasoning:** The Tribunal reasoned that despite efforts to find a resolution applicant through

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**Interpretation:** Section 33(2) of the IBC allows for liquidation when a CIRP is pending and no

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**Application:** In this case, the Tribunal applied Section 33(2) of the IBC to the facts,

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Pradeep M…
- **Respondents:** Phadnis Infrastruc…

## Timeline

- **2017-09-14 — Order under Section 9…**: An order was passed under Section 9 of the Insolvency Code in respect of a Petition…
- **2017-10-10 — Appointment of Milind…**: Mr. Milind Kasodekar was…

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