# In the matter of Prithvi Multipurpose Cold Storage Pvt. Ltd. IA No. 306-JPR-2020 in CP No. 11-7-JPR-2019

> NCLT judgment dated 2021-03-16. Citation: TCN-2021-NCLT-02680. The case involves an application (IA No. 306/JPR/2020) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 16 Mar 2021
- **Citation:** TCN-2021-NCLT-02680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prithvi-multipurpose-cold-storage-pvt-ltd-ia-no-306-jpr-2020-in-cp-no-11-7-jpr-2-befd17a0

## Summary

### Background

The case involves an application (IA No. 306/JPR/2020) filed by the Resolution Professional (RP) of M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of liquidation proceedings. The Adjudicating Authority had previously admitted an application filed by United Bank of India under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Kamal Kumar Jain as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), and Mr. Kamal Kumar Jain was later appointed as the Resolution Professional (RP). Despite several attempts to find a resolution plan, none were received or

…

## Facts

United Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28.08.2019. Kamal Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP constituted the Committee of Creditors (CoC). The RP published Form G multiple times, inviting Expression of Interest (EOI) for resolution plans. Despite these efforts, no resolution plan was received or accepted. The CoC, in its 11th meeting on 15.09.2020, resolved to liquidate the Corporate Debtor with 100% vote share. The RP filed an application (IA No. 306/JPR/2020) under Section 33 and 34 of the IBC

…

## Issues and analysis

### Issue 1: Whether the application for liquidation was filed within the stipulated timelines and as per the …

**Ratio:** The Hon'ble NCLAT in Praveen Kumar Nanda Kumar Vs. VSL Securities Pvt. Ltd. held that the

…

**Reasoning:** The Adjudicating Authority considered the timeline of the CIRP, including the initial

…

**Interpretation:** The court interprets the IBC provisions regarding the timeline for CIRP and the

…

**Application:** The ratio applies to the facts by affirming the CoC's decision to liquidate, as

…

## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** M/s Prithvi…

## Timeline

- **2019-08-28 — Admission of Application…**: The Adjudicating Authority admitted the application filed by United Bank of India under…
- **2019-09-23 — First Meeting…**: The first meeting of…

## 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/prithvi-multipurpose-cold-storage-pvt-ltd-ia-no-306-jpr-2020-in-cp-no-11-7-jpr-2-befd17a0