# In the matter of Vipul Travels Private Limited C.A. 2446 (PB) -2019 in Company Petition No. (IB) - 439 (PB) -2019

> NCLT judgment dated 2019-12-03. Citation: TCN-2019-NCLT-00348. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 3 Dec 2019
- **Citation:** TCN-2019-NCLT-00348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vipul-travels-private-limited-ca-2446-pb-2019-in-company-petition-no-ib-439-pb-2-6c4d351f

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for initiating the liquidation of the corporate debtor, Vipul Travels Private Limited. The sole operational creditor, Bharti Airtel Limited, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 30.04.2019, initiating the CIRP and appointing Mr. Lekhraj Bajaj as the IRP. Public announcements were made, but only one operational creditor lodged a claim. The Committee of Creditors (CoC), comprising the single operational creditor, was formed. The CoC resolved to

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## Facts

Bharti Airtel Limited, the sole operational creditor of Vipul Travels Private Limited, initiated Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.04.2019, and Mr. Lekhraj Bajaj was appointed as the Interim Resolution Professional (IRP). Public announcements were made on 08.05.2019, with a last date for submission of claims by creditors on 13.05.2019. Only Bharti Airtel Limited lodged a claim, leading to a Committee of Creditors (CoC) comprising only Bharti Airtel Limited. The first CoC meeting was held on 28.05.2019, where the IRP reported visits to the corporate debtor's registered and corporate offices on 10.05.2019 and 21.05.2019, respectively, but found no company at those

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Vipul Travels Private Limited, …

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

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**Reasoning:** The court reasoned that no Expression of Interest (EOI) was received despite two public

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails. The

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**Application:** In this case, the CoC, comprising the sole operational creditor Bharti Airtel

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Lekhraj…
- **Respondents:** Vipul Travels…

## Timeline

- **2019-04-30 — Admission of CIRP…**: The application under Section 9 of the Insolvency and Bankruptcy Code filed by Bharti…
- **2019-04-30 — Appointment…**: Mr. Lekhraj Bajaj was appointed as the Interim Resolution Professional (IRP) upon the…

## 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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