# In the matter of SWANI MOTORS SERVICES PRIVATE LIMITED

> NCLT judgment dated 2025-07-30. Citation: TCN-2025-NCLT-01213. The case pertains to an application (IA No. 2768/2023) filed by the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 30 Jul 2025
- **Citation:** TCN-2025-NCLT-01213
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swani-motors-services-private-limited-ea6f2486

## Summary

### Background

The case pertains to an application (IA No. 2768/2023) filed by the Resolution Professional of Swani Motors Services Private Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor and exclusion of 4 days from the CIRP period.

## Facts

An insolvency petition was filed under Section 7 of the Code by the Financial Creditor for initiating CIRP against the Corporate Debtor.

The Corporate Debtor was admitted into CIRP vide order dated 28.10.2022.

Mr. Akshay Mehra was appointed as Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted, comprising financial creditors of the Corporate Debtor.

The CoC decided to opt for liquidation of the Corporate Debtor in its fourth meeting.

No resolution plan was received from prospective Resolution Applicants.

The time period of 180 days for completion of CIRP ended on October 8, 2023.

The CoC approved the estimated liquidation cost and resolved to explore compromise or arrangement and to try for sale of the corporate debtor as a going concern.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

**Ratio:** The CoC, by a majority, decided to opt for liquidation, and no resolution plan was

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**Reasoning:** The CoC's decision, coupled with the absence of a resolution plan, indicates that

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**Interpretation:** Section 33(2) allows for liquidation when the CoC approves it and no resolution

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**Application:** The Adjudicating Authority considered the CoC's decision and the absence of a

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Akhil A…; Romesh…
- **Respondents:** Swani Motors…; M/s Swani Motors…
- **Other parties:** State Bank of…; Kotak Mahindra…; +6 more
- **Advocates:** Raghav K…

## Timeline

- **2022-10-28 — Admission in…**: The Corporate Debtor was admitted into…
- **2022-10-28 — Appointment…**: Mr. Akshay Mehra was appointed as…

## 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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