# In the matter of Zeel Global Projects Private Limited C.P. No. 248-I&BC-(MB)-2017

> NCLT judgment dated 2018-05-07. Citation: TCN-2018-NCLT-01451. The case involves a petition/application under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 7 May 2018
- **Citation:** TCN-2018-NCLT-01451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zeel-global-projects-private-limited-cp-no-248-ibc-mb-2017-6a57c4f9

## Summary

### Background

The case involves a petition/application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by the Operational Creditor, Arvind Gawade, against Zeel Global Projects Private Limited. The application was admitted on 2017-04-27, and Milind Kasodekar was appointed as the Interim Resolution Professional (IRP). The Operational Creditor claimed an outstanding amount of ₹1,50,000, representing salary. The IRP was confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 2018-01-16.

## Facts

Arvind Gawade, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Zeel Global Projects Private Limited, claiming an outstanding salary of ₹1,50,000. The application was admitted on 2017-04-27, and Milind Kasodekar was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 2018-01-16. The debtor provided balance sheets for FY 2014-15 and 2015-16, indicating no assets for realization. Despite efforts by the IRP, only two secured creditors, Central Bank of India and Bank of Maharashtra, filed their claims in September 2017. Four meetings of the CoC were held between October 2017 and January 2018, but no

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## Issues and analysis

### Issue 1: Whether the application under Section 33(2) of the Insolvency and Bankruptcy Code for liquidation …

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

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**Reasoning:** The Committee of Creditors (CoC) voted for liquidation as no resolution applicant came

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor, coupled

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Arvind G…
- **Respondents:** Zeel Global…; M/s. Zeel Global…

## Timeline

- **2017-04-27 — Application A…**: Application under Section 9 of IBC…
- **2017-04-27 — IRP Appo…**: Milind Kasodekar was appointed as the…

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