# 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-01320. The Resolution Professional filed an application under Sections 33 and 34 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01320
- **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-6e6e92fc

## Summary

### Background

The Resolution Professional filed an application under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation proceedings against M/s. Seatel Electronics (India) Private Limited. Previously, an application under Section 10 of the IBC, 2016, was filed by the Corporate Debtor, which the Tribunal admitted on 2018-06-13, appointing 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 RP issued an Information Memorandum and invited resolution plans. The CoC decided that the CIRP period was expiring. The CoC authorized the RP to file an application for an extension of the CIRP period, which the

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## Facts

M/s. Seatel Electronics (India) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016 was filed by the Corporate Debtor itself. Mr. Brij Kishore Sharma was initially appointed as the Interim Resolution Professional (IRP), but later replaced by Mr. Satyendra Prasad Khorania. The Committee of Creditors (CoC) authorized the Resolution Professional (RP) to file an application for extension of the CIRP period, which was granted by the Tribunal for 90 days. Despite the extension, no resolution plan was received. Forensic Auditors did not unearth any other assets. Consequently, the CoC voted for the liquidation of the Corporate Debtor. The RP also filed applications (IA

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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, allows for the liquidation of

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**Reasoning:** The Tribunal considered that no resolution plan was received despite the extension of the

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when a resolution plan

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**Application:** In this case, the CoC voted for liquidation, and no resolution plan was

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## Parties

- **Judges:** POONDLA BHASKARA…; RaghuNa…
- **Appellants:** Satyendra Prasad…
- **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 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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