# In the matter of Pincon Spirit Ltd. CA(IB)No. 1122-KB-2018 and CA (IB) No. 412,422,453,577,612 & 1066-KB-2019 in C.P. (IB) No. 93-KB-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01146. The case involves a corporate insolvency resolution process (CIRP) initiated by Bengal Polypet…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pincon-spirit-ltd-caibno-1122-kb-2018-and-ca-ib-no-412422453577612-1066-kb-2019-f2dec131

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated by Bengal Polypet against Pincon Spirits Limited. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. An interim resolution professional (IRP), Mr. Partha Kamal Sen, was initially appointed but later replaced by Mr. Binay Kumar Singhania. Several applications were filed during the CIRP, including those related to demarcation of the corporate debtor's property, custody of assets, and lifting of attachment on properties by the Directorate of Economic Offences (DEO), West Bengal. The Committee of Creditors (CoC) decided not to proceed with the resolution process and recommended liquidation. The extended period of 270 days for the CIRP expired without a successful

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## Facts

Bengal Polypet initiated a CIRP against Pincon Spirits Limited under Section 9 of the IBC. Mr. Partha Kamal Sen was initially appointed as IRP, later replaced by Mr. Binay Kumar Singhania. The CoC decided to liquidate Pincon Spirits Limited after failing to find a resolution plan within the 270-day CIRP period. Several applications were filed during the CIRP, including CA(IB) No. 412/KB/2019, CA(IB) No. 453/KB/2019, CA(IB) No. 422/KB/2019, CA(IB) No. 1122/KB/2018, CA(IB) No. 612/KB/2019, CA(IB) No. 577/KB/2019, Inv. A. (IB) No. 929/KB/2019, and CA(IB) No. 1066/KB/2019. The Directorate of Economic Offences (DEO), West Bengal, had attached the properties of Pincon Spirits Limited under the WBPIDFE Act, hindering the RP's access to the assets and books of account. The

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## Issues and analysis

### Issue 1: Whether the CIRP process against Pincon Spirits Limited was legally initiated and proper under the …

**Ratio:** The initiation of CIRP is considered legal and proper if it complies with the provisions

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**Reasoning:** The NCLT found that the CIRP process was initiated in accordance with the provisions of

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016, provides a framework for the

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**Application:** In this case, the NCLT was satisfied that the CIRP process was initiated

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Bengal Po…
- **Respondents:** Pincon Spirits…

## Timeline

- **2018-07-19 — Order Da…**: Application admitted and Mr. Partha Kamal Sen appointed as Interim Resolution…
- **2019-04-05 — 7th CoC M…**: CoC decided not to proceed with the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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