# In the matter of S3 Electrical & Electronics Pvt. Ltd. IB-206-ND-2019

> NCLT judgment dated 2019-11-26. Citation: TCN-2019-NCLT-00436. The case pertains to an application seeking permission for liquidating the corporate debtor…

- **Court:** NCLT
- **Order date:** 26 Nov 2019
- **Citation:** TCN-2019-NCLT-00436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/s3-electrical-electronics-pvt-ltd-ib-206-nd-2019-786c7456

## Summary

### Background

The case pertains to an application seeking permission for liquidating the corporate debtor under Section 39(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) made submissions before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

Mr. Neeraj Pandita filed a petition against M/s. S3 Electrical & Electronics Pvt. Ltd. under Section 7 of the IBC. The Resolution Professional sought permission to liquidate the corporate debtor under Section 39(2) of the IBC, 2016. The NCLT heard the submissions of the counsel for the RP and the corporate debtor. The application was allowed, and the RP was directed to comply with regulation 39(b) of IBBI (IRP for CP) regulations, 2016. The matter was posted for further hearing on 06.01.2020.

## Issues and analysis

### Issue 1: Whether the application seeking permission for liquidating the corporate debtor under Section 39(2) …

**Ratio:** Section 39(2) of the IBC, 2016 allows for the liquidation of the corporate debtor under

…

**Reasoning:** The NCLT considered the submissions made by the counsel for the Resolution Professional

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**Interpretation:** Section 39(2) of the IBC provides the legal basis for liquidating a corporate

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**Application:** The NCLT applied Section 39(2) of the IBC and Regulation 39(b) of the IBBI

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## Parties

- **Judges:** SHRI. P.S.N.…; V.K. SUB…
- **Appellants:** Neeraj Pa…
- **Respondents:** M/s. S3 Electrical…

## Timeline

- **2019-11-26 — Order Del…**: Order delivered on 26.11.2019…
- **2020-01-06 — Next Hea…**: Matter posted for further…

## 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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