# In the matter of Proline Infra-Trading Pvt. Ltd. MA-1419-2019 in C.P. (IB)-2490-(MB)-2018

> NCLT judgment dated 2019-07-23. Citation: TCN-2019-NCLT-02362. The case involves an application (MA-1419/2019) by the Resolution Professional seeking an order…

- **Court:** NCLT
- **Order date:** 23 Jul 2019
- **Citation:** TCN-2019-NCLT-02362
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/proline-infra-trading-pvt-ltd-ma-1419-2019-in-cp-ib-2490-mb-2018-68837524

## Summary

### Background

The case involves an application (MA-1419/2019) by the Resolution Professional seeking an order under section 33 for the initiation of the liquidation process for Proline Infra-Trading Pvt. Ltd. The Resolution of the Committee of Creditors (CoC) dated 23.03.2019, approving the liquidation, was placed on record. The consent of the Liquidator, Mr. Ankur Kumar, was also placed on record.

## Facts

The Resolution Professional filed an application (MA-1419/2019) under Section 33 seeking an order for the initiation of the liquidation process. The Committee of Creditors (CoC) had passed a resolution on 23.03.2019 approving the liquidation. The consent of Mr. Ankur Kumar, the Liquidator (Registration No. IBBI/IPA-002/IP-N00113/2017-18/10283), was also placed on record. There was no Expression of Interest received. The CoC decided to proceed with liquidation. The relevance of these facts is that they form the basis for the NCLT's decision to approve the liquidation process.

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 should be approved given the resolution of …

**Ratio:** The legal principle applied is that if the Committee of Creditors has approved

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**Reasoning:** The court reasoned that since the Committee of Creditors had already approved the

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**Interpretation:** Section 33 of the IBC allows for liquidation upon approval by the CoC. The

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**Application:** The ratio and reasoning were applied to the facts of the case, where the CoC

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** Proline Infra-Trad…; Lexcorp Advisory…

## Timeline

- **2019-03-23 — CoC Resol…**: The Committee of Creditors passed a resolution approving the liquidation of the Corporate…
- **2019-07-23 — Order Shee…**: Date of the order sheet of the hearing of Mumbai Bench of the National Company Law…

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