# In the matter of Pooja Tex-Prints Pvt. Ltd. C.P. No. 1-9-NCLT-AHM-2017

> NCLT judgment dated 2017-11-29. Citation: TCN-2017-NCLT-00124. The case involves an application (IA 342/2017) filed in the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 29 Nov 2017
- **Citation:** TCN-2017-NCLT-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pooja-tex-prints-pvt-ltd-cp-no-1-9-nclt-ahm-2017-c72851be

## Summary

### Background

The case involves an application (IA 342/2017) filed in the Corporate Insolvency Resolution Process (CIRP) of Pooja Tex-Prints Pvt. Ltd. The CIRP was initiated based on a petition filed by an operational creditor, Gaurinandan Fashion Private Limited. The Adjudicating Authority admitted the petition and appointed Mr. Kailash Shah as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, consisting solely of Gaurinandan Fashion Private Limited. Resolution plans were submitted but not accepted by the CoC. Subsequently, the CoC resolved to liquidate the Corporate Debtor.

## Facts

Gaurinandan Fashion Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Pooja Tex-Prints Pvt. Ltd. by filing C.P. (I.B.) No. 1/9/NCLT/AHM/2017. The petition was admitted on 2017-03-29 by the Adjudicating Authority, which then referred the matter to IBBI. Based on IBBI's recommendation, Mr. Kailash Shah was appointed as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (CoC) consisting solely of Gaurinandan Fashion Private Limited, the operational creditor. Resolution plans submitted by Mr. Kailash Shah and Mr. Akshay Vyas were rejected by the CoC. In a meeting on 2017-09-23, the CoC resolved to liquidate Pooja Tex-Prints Pvt. Ltd. The Resolution Professional filed an application seeking liquidation. The

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) was validly constituted under Section 21 of the Insolvency …

**Ratio:** According to the proviso to sub-section (8) of Section 21 of the Insolvency and

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**Reasoning:** The court reasoned that since Pooja Tex-Print Private Limited had only one operational

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**Interpretation:** The interpretation of Section 21(8) emphasizes that the composition of the CoC

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**Application:** In this case, the IRP constituted the CoC, which was deemed invalid because the

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** CA Kailash…
- **Respondents:** Pooja Tex-Prints…

## Timeline

- **2017-03-29 — Admission of CIRP…**: The Adjudicating Authority admitted the petition filed by Gaurinandan Fashion Private…
- **2017-06-12 — Appointment of…**: Interim Resolution Professional was appointed as Resolution Professional by the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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