# In the matter of Swapna Infracon Private Limited IA No. 516-2019 in CP(IB) No. 272-9-HDB-2018

> NCLT judgment dated 2019-09-03. Citation: TCN-2019-NCLT-01629. The application, IA No. 516 of 2019, was filed under Section 33 read with Section 54 of the…

- **Court:** NCLT
- **Order date:** 3 Sept 2019
- **Citation:** TCN-2019-NCLT-01629
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swapna-infracon-private-limited-ia-no-516-2019-in-cpib-no-272-9-hdb-2018-0a11e28e

## Summary

### Background

The application, IA No. 516 of 2019, was filed under Section 33 read with Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking several reliefs, including directing Bank of Baroda to release pending Interim Resolution Professional (IRP) fees, passing a dissolution order, and any other orders deemed fit by the Adjudicating Authority. The Adjudicating Authority had previously ordered the commencement of the Corporate Insolvency Resolution Process (CIRP) and appointed Mr. S V Satyanarayana as the IRP. The IRP made a public announcement and constituted a Committee of Creditors (CoC), with Bank of Baroda as the sole financial creditor. The CoC decided to defer the appointment of a Resolution Professional (RP) and continue with the IRP. The CoC also discussed

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## Facts

Swapna Infracon Private Limited underwent Corporate Insolvency Resolution Process (CIRP). Dalmia Cement (Bharat) Ltd was the Operational Creditor. The CIRP commenced, and Mr. S V Satyanarayana was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, with Bank of Baroda as the sole financial creditor holding 100% voting rights. The CoC decided to defer the appointment of a Resolution Professional (RP) and continue with the IRP. The company had no operations since October 2016 and reported NIL income. The IRP and CoC determined that there were no realizable assets. The promoter Director stated that the realizability of the assets is also NIL. The CoC decided to recommend liquidation of the Corporate Debtor, as there were no

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the dissolution of the Corporate Debtor under …

**Ratio:** Section 54(2) of the I&B Code, 2016, empowers the Adjudicating Authority to pass an

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**Reasoning:** The Adjudicating Authority considered the commercial wisdom of the CoC, the report of the

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**Interpretation:** Section 54(2) of the I&B Code provides the Adjudicating Authority with the

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**Application:** In this case, the Adjudicating Authority applied the provisions of Section

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Dalmia Cements…
- **Respondents:** Swapna Infracon…

## Timeline

- **2018-12-18 — Order of Admission and…**: The Adjudicating Authority passed an order of admission and commencement of the Corporate…
- **2018-12-25 — Public Announcement by…**: The Interim Resolution Professional (IRP) gave the public announcement in two news papers…

## 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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