# In the matter of Jagtar Singh & Sons Hydraulics Private Limited

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00675. The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Nov 2023
- **Citation:** TCN-2023-NCLT-00675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jagtar-singh-sons-hydraulics-private-limited-6816389c

## Summary

### Background

The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the liquidation process for M/s. Jagtar Singh & Sons Hydraulics Private Limited. The Corporate Debtor had undergone a CIRP, which was initially stayed by NCLAT but later revived. Despite multiple attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).

## Facts

M/s. Intec Capital Limited initiated CIRP against M/s. Jagtar Singh & Sons Hydraulics Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initially stayed by NCLAT but later revived. Mr. Piyush Moona was appointed as the IRP and subsequently as the RP. Several CoC meetings were held to explore resolution plans, but none were approved due to a lack of sufficient votes. The CoC also considered liquidation, but the resolution for liquidation did not receive the required 66% majority. The RP filed an application (IA-4592/2022) seeking a liquidation order. The Adjudicating Authority noted that no resolution plan had been received and that the CIRP period had expired. The Corporate Debtor violated the payment terms mentioned in

…

## Issues and analysis

### Issue 1: Whether an order for liquidation can be passed …

**Ratio:** The Adjudicating Authority has the power to order liquidation when no resolution plan is

…

**Reasoning:** The court relied on the decision in State Bank of India vs. M/s. Suryajyoti Spinning

…

**Interpretation:** This means that the absence of a resolution plan allows the Adjudicating

…

**Application:** Since no resolution plan was approved in this case, the Adjudicating Authority

…

## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** M/s Intec Capital…
- **Respondents:** M/s Jagtar Singh…

## Timeline

- **2019-09-03 — Application A…**: Adjudicating Authority admitted the Application IB – 619(ND)2019 filed by…
- **2019-09-19 — NCLAT Or…**: Hon'ble NCLAT stayed the constitution of CoC & directed the IRP to maintain the Company…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jagtar-singh-sons-hydraulics-private-limited-6816389c