# In the matter of Resurgent Infratel Private Limited CP(IB) No. 506-KB-2017

> NCLT judgment dated 2018-05-30. Citation: TCN-2018-NCLT-01352. SREI Infrastructure Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 May 2018
- **Citation:** TCN-2018-NCLT-01352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/resurgent-infratel-private-limited-cpib-no-506-kb-2017-1a471926

## Summary

### Background

SREI Infrastructure Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Resurgent Infratel Private Limited. The application was admitted on 2017-11-21, and Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional. Despite efforts, no resolution plan was received, leading to the Committee of Creditors recommending liquidation.

## Facts

SREI Infrastructure Finance Limited initiated CIRP against Resurgent Infratel Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-11-21, and Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional. Despite efforts, including advertising in newspapers, no resolution plan was received. The Committee of Creditors, in a meeting held on 2018-05-13, unanimously recommended liquidation. The Resolution Professional reported the failure to obtain a resolution plan. The court considered the financial position of the corporate debtor and the recommendation of the Committee of Creditors. The CIRP period was to expire on 2018-05-19. The Resolution Professional was unable to issue publication again

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Resurgent Infratel Private Limited, should be liquidated due to the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that despite the efforts of the Resolution Professional, no resolution

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if all attempts to revive the

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**Application:** Given the failure to obtain a resolution plan and the recommendation of the

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## Parties

- **Judges:** Madan B.…
- **Appellants:** Srei Infrastructur…
- **Respondents:** Resurgent…

## Timeline

- **2017-11-21 — Application A…**: The application for CIRP was admitted, and Mr. Rakesh Kumar Agarwal was appointed as the…
- **2018-05-13 — Committee of Creditors…**: The Committee of Creditors unanimously…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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