# In the matter of Prithvi Finvest Co. Private Limited CP (IB) No. 695-KB-2017

> NCLT judgment dated 2019-12-02. Citation: TCN-2019-NCLT-00372. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prithvi-finvest-co-private-limited-cp-ib-no-695-kb-2017-03362950

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Olympia Credits & Mercantile Private Limited (Financial Creditor) against Prithvi Finvest Co. Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially admitted on 2018-01-15, and an Interim Resolution Professional (IRP), Mr. Rajesh Kumar Kejriwal, was appointed, who was later replaced by Mr. Jitendra Lohia. Despite continuing the CIRP, only one expression of interest was received from a Resolution Applicant, and the CIRP concluded without a Resolution Plan.

## Facts

Olympia Credits & Mercantile Private Limited initiated CIRP against Prithvi Finvest Co. Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-01-15. Mr. Rajesh Kumar Kejriwal was appointed as the IRP, later replaced by Mr. Jitendra Lohia. The CIRP process yielded only one expression of interest from a Resolution Applicant, and no Resolution Plan was finalized. The CIRP period of 270 days expired on 2018-10-11, followed by an additional 330 days. An appeal was filed, and the Appellate Tribunal restrained the approval of any Resolution Plan or liquidation order. The COC rejected the initial Resolution Plan and requested revisions, which were not submitted. The RP filed a final progress report indicating the

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## Issues and analysis

### Issue 1: Whether an order of liquidation should be passed given the absence of a viable Resolution Plan and …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation

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**Reasoning:** The court reasoned that since the CIRP process did not result in an approved Resolution

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**Interpretation:** The interpretation of Section 33(1)(a) emphasizes the importance of adhering to

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**Application:** Given the facts that no resolution plan was approved and the CIRP period had

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## Parties

- **Judges:** Shri. Jina…; Shri. Harish…
- **Appellants:** Olympia Credits &…
- **Respondents:** Prithvi Finvest…
- **Advocates:** Kumarjit Ba…; Sanchari Chakrabor…; +8 more

## Timeline

- **2018-01-15 — CIRP Application…**: The application under Section 7 of the IBC…
- **2018-09-21 — 9th COC M…**: 9th COC meeting was held to discuss the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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