# In the matter of Proeyetech Electrotekniks Pvt. Ltd. IA 915 of 2020 in CP(IB) 578-NCLT-AHM-2018

> NCLT judgment dated 2021-01-07. Citation: TCN-2021-NCLT-03360. The case involves an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 7 Jan 2021
- **Citation:** TCN-2021-NCLT-03360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/proeyetech-electrotekniks-pvt-ltd-ia-915-of-2020-in-cpib-578-nclt-ahm-2018-675b5dea

## Summary

### Background

The case involves an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP), Shri Bhupendra Singh Narayan Singh Rajput, for the liquidation of the Corporate Debtor, M/s. Proeyetech Elekrotekniks Private Limited. The application seeks various orders, including allowing the application, passing an order for liquidation, appointing Mr. Pradeep Kabra as the liquidator, excluding the lockdown period due to the COVID-19 pandemic from the Corporate Insolvency Resolution Process (CIRP) period, and declaring the completion date of the CIRP after excluding the lockdown period.

## Facts

The Resolution Professional (RP), Bhupendra Singh Narayan Singh Rajput, filed an application under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Proeyetech Elekrotekniks Private Limited. No Resolution Applicant responded after the publication of the Expression of Interest. The Committee of Creditors (CoC) resolved with 100% voting to initiate the liquidation process and appoint Mr. Pradeep Kabra as the liquidator. The main petition, CP (IB) 578 of 2019, was admitted on 2019-08-26. The RP sought exclusion of the lockdown period (2020-03-25 to 2020-06-30) from the CIRP timeline. The CoC meeting was held on 2020-09-10, but the liquidation application was filed on 2020-10-19, causing a delay. The court noted the RP's

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** The court has the power to order liquidation under Section 33 of the Insolvency and

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**Reasoning:** The court considered the CoC's resolution to initiate liquidation due to the lack of

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**Interpretation:** Section 33 of the IBC allows for liquidation when resolution efforts are

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**Application:** The court applied this principle to the facts of the case, noting the absence

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Bhupendra Singh…
- **Respondents:** Proeyetech…; Parag Chandrakant…

## Timeline

- **2019-08-26 — Main Petition…**: CP (IB) 578 of 2019 was…
- **2020-03-25 — Lockdown Sta…**: Start date of the lockdown imposed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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