# In the matter of U P Infraestate Private Limited CA No. 285-2019 in CP (IB) No.05-ALD-2018

> NCLT judgment dated 2019-11-08. Citation: TCN-2019-NCLT-00648. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Nov 2019
- **Citation:** TCN-2019-NCLT-00648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/u-p-infraestate-private-limited-ca-no-285-2019-in-cp-ib-no05-ald-2018-9c0c1b76

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, U.P. Infraestate Private Limited, and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The Committee of Creditors (COC) in its 4th meeting held on 03.09.2019, attended by the authorized Representative of Home Buyers and the suspended member of the Board, informed that the maximum statutory period for completion of CIRP i.e. 270 days is to expire on 08 September, 2019, and there is no other option left but to apply for initiation of liquidation process

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## Facts

The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of U.P. Infraestate Private Limited and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The COC, in its 4th meeting held on 03.09.2019, determined that the maximum statutory period for completion of CIRP would expire on 08 September, 2019, and opted for liquidation with 71.64% voting. Mr. Devinder Arora, the Resolution Professional, was proposed to act as the Liquidator. The Adjudicating Authority considered the application and the documents, noting the COC's support for liquidation. The Adjudicating

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, U.P. Infraestate Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the fact that the COC had resolved to liquidate the

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** In this case, the COC had resolved to liquidate the Corporate Debtor due to the

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** U.P. INFRAESTATE…

## Timeline

- **2018-12-13 — CIRP Init…**: The Adjudicating Authority initiated the CIRP in respect of the Corporate Debtor Company…
- **2019-09-03 — COC Meet…**: The COC held its 4th meeting and determined that the maximum statutory period for…

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