# In the matter of Snehdaxa Infrastructure Pvt. Ltd. & Ors. IA 768-2019 in C.P. (I.B) No. 506-NCLT-AHM-2018

> NCLT judgment dated 2019-12-11. Citation: TCN-2019-NCLT-00236. The case involves an application for the initiation of liquidation proceedings for Snehdaxa…

- **Court:** NCLT
- **Order date:** 11 Dec 2019
- **Citation:** TCN-2019-NCLT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/snehdaxa-infrastructure-pvt-ltd-ors-ia-768-2019-in-cp-ib-no-506-nclt-ahm-2018-15e2f195

## Summary

### Background

The case involves an application for the initiation of liquidation proceedings for Snehdaxa Infrastructure Pvt Ltd. The Committee of Creditors (COC) resolved to close the Corporate Insolvency Resolution Process (CIRP) and initiate liquidation due to the lack of a viable resolution plan. The COC authorized the Resolution Professional (RP) to file an application for liquidation before the Adjudicating Authority.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Snehdaxa Infrastructure Pvt Ltd. The Committee of Creditors (COC) resolved to close the CIRP due to the lack of a viable resolution plan. The COC authorized the Resolution Professional (RP) to file an application for liquidation. The RP submitted that there were no assets in the Corporate Debtor's bank account. The COC decided to open a pool account to meet the expenses under liquidation. The RP has given his consent to continue as liquidator. The COC voted 100% in favor of liquidation. 270 days of CIRP have been completed/over on 03.11.2019. No expression of interest received from any prospective Resolution Applicant.

## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

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**Reasoning:** The Adjudicating Authority considered the fact that the COC had voted 100% in favor of

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**Interpretation:** Section 33 of the IBC provides the legal basis for the Adjudicating Authority

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**Application:** The Adjudicating Authority applied the provisions of Section 33 of the IBC to

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## Parties

- **Judges:** Manorama…
- **Appellants:** Nipun S…
- **Respondents:** Snehdaxa Infrastru…

## Timeline

- **2019-10-24 — COC Meet…**: The COC in its 4th meeting resolved to…
- **2019-11-03 — CIRP Comp…**: 270 days of CIRP have…

## 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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