# In the matter of P.L Vehicals Pvt. Ltd.

> NCLT judgment dated 25 Aug 2023. Citation: TCN-2023-NCLT-01931. The present application, IA (IBC)/92/GB/2023, was filed by Mr. Sandeep Khaitan, the Resolution…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pl-vehicals-pvt-ltd-bd5c84ce

## Summary

### Background

The present application, IA (IBC)/92/GB/2023, was filed by Mr. Sandeep Khaitan, the Resolution Professional (RP) of P.L. Vehicles Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The application sought an order for the liquidation of the Corporate Debtor and the appointment of Mr. Sandeep Khaitan as the Liquidator. The Corporate Debtor had initially filed an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, which was admitted on April 13, 2023, leading to a moratorium declaration under Section 14 of the Code.

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## Facts

The Corporate Debtor, P.L. Vehicles Private Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of the Corporate Insolvency Resolution Process (CIRP). This application was admitted by the Tribunal on April 13, 2023, and an order declaring a moratorium under Section 14 of the Code was subsequently passed.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, P.L. Vehicles Private Limited, should be ordered for liquidation…

**Ratio:** When no viable resolution plan is received during the CIRP and the Committee of…

**Reasoning:** The court reasoned that no viable resolution plan was received during the Corporate…

**Interpretation:** The court interpreted Section 33(2) of the IBC to mean that the Adjudicating…

**Application:** In this case, the Resolution Professional confirmed that no resolution plan was…

## Parties

- **Judges:** H.V. Subb…; Member…; +2 more
- **Advocates:** For the applicant:…

## Timeline

- **April 13, 2023 — CIRP Admi…**: Application for initiation of CIRP under Section 10 of IBC filed by Corporate Debtor was…
- **May 19, 2023 — RP Appointment…**: Tribunal confirmed the appointment of Mr. Sandeep Khaitan as the Resolution Professional,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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