# In the matter of Phadnis Properties Limited C.P. (IB)-1029(MB)-2017

> NCLT judgment dated 2018-05-07. Citation: TCN-2018-NCLT-01454. 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-01454
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/phadnis-properties-limited-cp-ib-1029mb-2017-1673f91a

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, concerning Phadnis Properties Limited. An order was previously passed under Section 9 of the Insolvency Code on 14.09.2017, based on a petition by operational creditor Pramod Kapse and 17 others. The corporate debtor, Phadnis Properties Limited, was stated to be in financial crisis and unable to pay its debts. Various civil and criminal proceedings were pending against the corporate debtor. The Interim Resolution Professional (IRP) published advertisements in newspapers. A Committee of Creditors (CoC) was formed, and a Resolution Professional (RP) was appointed. Expression of Interest was invited for resolution applicants, but there was no responsive outcome.

## Facts

Mr. Pramod Kapse and 17 others, as operational creditors, filed a company petition against Phadnis Properties Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). An order was passed under Section 9 on 14.09.2017 admitting the petition. Mr. Kiran Kunthe was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Milind Kasodekar. Advertisements were published to invite claims from creditors. A Committee of Creditors (CoC) was formed, and a Resolution Professional (RP) was appointed. The RP collated claims from various creditors, including secured financial creditors (banks), unsecured financial creditors, operational creditors, and employees. The total claim amount was approximately Rs. 279,98,49,316. Valuers

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## Issues and analysis

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

**Ratio:** Section 33(2) of the I&B Code prescribes that where a Corporate Insolvency Resolution

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**Reasoning:** The court reasoned that despite efforts to find a resolution plan, none was received. The

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**Interpretation:** Section 33(2) of the I&B Code is interpreted to mean that if a resolution

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**Application:** In this case, the CIRP failed because no resolution plan was received.

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Pramod…
- **Respondents:** Phadnis Properties…

## Timeline

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

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