# In the matter of Pranee Infrastructure Private Limited I.A. No.598-2019 in C.P. (IB)No. 48-BB-2019

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00524. The case involves a petition filed by M/s. Vishwas Concrete Private Limited under Section 9 of…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00524
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pranee-infrastructure-private-limited-ia-no598-2019-in-cp-ibno-48-bb-2019-242998bb

## Summary

### Background

The case involves a petition filed by M/s. Vishwas Concrete Private Limited under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Pranee Infrastructure Private Limited due to a default of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated CIRP, appointing Shri Vinod Sunder Raman as the Interim Resolution Professional (IRP). Claims were invited, and the IRP received claims from City Union Bank Limited and UCO Bank. The Committee of Creditors (CoC) was constituted, and it was found that the Corporate Debtor had defaulted in complying with the Companies Act, making it difficult to ascertain its financial position. The CoC decided to liquidate the Corporate Debtor under Section 33(2) of the Code.

## Facts

M/s. Vishwas Concrete Private Limited filed a petition under Section 9 of the IBC, 2016, against M/s. Pranee Infrastructure Private Limited for defaulting on a payment of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). Shri Vinod Sunder Raman was appointed as the Interim Resolution Professional (IRP). Claims were received from City Union Bank Limited (Rs. 9,74,25,466/-) and UCO Bank (Rs. 4,81,54,848/-). The Committee of Creditors (CoC) was formed, comprising City Union Bank (66.92% voting share) and UCO Bank (33.08% voting share). The IRP inspected the Corporate Debtor's registered office and found incomplete records. The Corporate Debtor's revenue was primarily from works awarded by

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## Issues and analysis

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

**Ratio:** Section 33(2) of the IBC, 2016 allows the Adjudicating Authority to pass a liquidation

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**Reasoning:** The CoC, with a 100% voting share, approved the liquidation of the Corporate Debtor. The

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** The CoC's decision, coupled with the IRP's report and the incomplete financial

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s. Pranee…

## Timeline

- **2018-08-21 — First CoC M…**: The first meeting of the CoC was held, where preliminary discussions on commencing…
- **2019-07-16 — Admission of Company…**: The Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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