# In the matter of Seatel Electronics (India) Private Limited IA No. 69-JPR-2019 in IB-570 (PB)-2017 TA No. 445-2018

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01312. The application IA/69/JPR/2019 was filed by the Resolution Professional under Sections 33 and…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/seatel-electronics-india-private-limited-ia-no-69-jpr-2019-in-ib-570-pb-2017-ta-25bdf565

## Summary

### Background

The application IA/69/JPR/2019 was filed by the Resolution Professional under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, for the initiation of liquidation proceedings against M/s. Seatel Electronics (India) Private Limited. Earlier, an application under Section 10 of the IBC, 2016 was filed by the Corporate Debtor. The Tribunal admitted the insolvency petition on 13.06.2018 and appointed Mr. Brij Kishore Sharma as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) replaced the IRP with Mr. Satyendra Prasad Khorania as Resolution Professional (RP). The Resolution Professional issued an Information Memorandum and invited a resolution plan on 11.10.2018. The CIRP period was expiring on 10.12.2018. The CoC authorized the RP to file

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## Facts

M/s. Seatel Electronics (India) Private Limited faced insolvency proceedings. An application under Section 10 of the IBC, 2016 was filed by the Corporate Debtor itself. The Tribunal admitted the insolvency petition on 13.06.2018 and appointed Mr. Brij Kishore Sharma as Interim Resolution Professional (IRP). The CoC replaced the IRP with Mr. Satyendra Prasad Khorania as Resolution Professional (RP). The RP issued an Information Memorandum and invited a resolution plan on 11.10.2018. The CIRP period was extended by 90 days until 10.03.2019. No resolution plan was received, and no other asset was unearthed by the Forensic Auditors. The CoC voted for liquidation of the Corporate Debtor on 12.02.2019. The RP filed an application for liquidation. The RP also filed IA No.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Seatel Electronics (India) …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 states that where the

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**Reasoning:** The Tribunal considered the provisions of Section 33(2) of the IBC, 2016, and the fact

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**Interpretation:** Section 33(2) of the IBC, 2016 provides a clear directive for the adjudicating

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**Application:** In this case, the CoC voted for liquidation of M/s. Seatel Electronics (India)

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## Parties

- **Judges:** POONDLA BHASKARA…; RAGHU N…; +1 more
- **Respondents:** Seatel Electronics…; Rajendra K.…

## Timeline

- **2018-06-13 — Insolvency Petition…**: The Tribunal admitted the insolvency petition filed by the Corporate Debtor and appointed…
- **2018-07-12 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, wherein the CoC resolved…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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