# In the matter of Power Televentures Private Limited I.A. No. 149 of 2021 in {(MP) TP No. 222 of 2019} in C.P. (I.B) No. 325 of 2019

> NCLT judgment dated 2021-11-18. Citation: TCN-2021-NCLT-00450. The case involves an application filed by the Resolution Professional (RP) under Section 33(1),…

- **Court:** NCLT
- **Order date:** 18 Nov 2021
- **Citation:** TCN-2021-NCLT-00450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/power-televentures-private-limited-ia-no-149-of-2021-in-mp-tp-no-222-of-2019-in-7209e59e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1), 33(2), and 34(1) of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking an order for the liquidation of the Corporate Debtor, M/s. Power Televentures Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 17.09.2020, following an application filed by the Financial Creditor, M/s. Touchstone Services Private Limited, under Section 7 of the IBC. The Interim Resolution Professional (IRP) was appointed and made a public announcement for submission of claims by creditors, subsequently formulating the Committee of Creditors (COC).

## Facts

The Resolution Professional, Mr. Shikhar Chand Jain, filed an application under Section 33 of the IBC seeking liquidation of M/s. Power Televentures Private Limited. The Corporate Debtor was admitted into CIRP on 17.09.2020 based on an application by the Financial Creditor, M/s. Touchstone Services Private Limited. An IRP was appointed, and a COC was formed. The COC decided to replace the IRP and appointed Mr. Shikhar Chand Jain as the Resolution Professional. The COC, in its 6th meeting held on 22.07.2021, decided to liquidate the Corporate Debtor as it was not a going concern. The COC also decided to appoint the Resolution Professional as the Liquidator. The COC had already resolved not to publish EOI for submission of a Resolution Plan due to limited assets and the

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Power Televentures Private …

**Ratio:** Section 33(2) of the IB Code allows for the liquidation of a corporate debtor if the

…

**Reasoning:** The court reasoned that the COC had unanimously decided to liquidate the Corporate Debtor

…

**Interpretation:** Section 33(2) provides the legal basis for the COC's decision to liquidate the

…

**Application:** The court applied the ratio to the facts of the case, noting that the COC had

…

## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Shikhar Cha…
- **Respondents:** M/s. Power…; Aseem Kumar…

## Timeline

- **2020-09-17 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) vide order…
- **2020-10-22 — Public Annou…**: IRP made public announcement in “Times of India" and "Dainik Bhaskar” on 22.10.2020 for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/power-televentures-private-limited-ia-no-149-of-2021-in-mp-tp-no-222-of-2019-in-7209e59e