# In the matter of Pacific Multi-Commodity Limited I.A. 900 OF 2021 in CP (IB) – 3179-IBC-MB-2019

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05227. The application I.A. No. 900/2021 was filed by the Resolution Professional, Mr. Manoj Kumar…

- **Court:** NCLT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLT-05227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pacific-multi-commodity-limited-ia-900-of-2021-in-cp-ib-3179-ibc-mb-2019-92ee74f0

## Summary

### Background

The application I.A. No. 900/2021 was filed by the Resolution Professional, Mr. Manoj Kumar Jain, seeking the liquidation of Pacific Multi-Commodity Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Pacific Multi-Commodity Limited following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Stepping Stone Financial Services Private Limited. Mr. Manoj Kumar Jain was appointed as the Interim Resolution Professional. A public announcement was made inviting claims from creditors. The Committee of Creditors (CoC) was formed, and Mr. Jain was appointed as the Resolution Professional. Despite efforts, no viable resolution plan was received, leading the CoC to decide on liquidation.

## Facts

The Resolution Professional, Mr. Manoj Kumar Jain, filed I.A. No. 900/2021 seeking liquidation of Pacific Multi-Commodity Ltd. (the Corporate Debtor). The CIRP was initiated following a petition by Stepping Stone Financial Services Private Limited (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. A public announcement was made on 07.01.2020, inviting claims from creditors. The first CoC meeting was held on 10.02.2020, where Mr. Jain was appointed as the Resolution Professional. Subsequent meetings involved the appointment of registered valuers. Form-G was issued on 14.03.2020, inviting expressions of interest, with a deadline of 15.05.2020 for resolution plans. No expression of interest was received by 10.08.2020. The 180-day period

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Pacific Multi-Commodity Ltd., …

**Ratio:** The legal principle applied is that if no viable resolution plan is received within the

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**Reasoning:** The Tribunal reasoned that the Committee of Creditors (CoC) had approved the liquidation

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**Interpretation:** The interpretation is that the absence of a viable resolution plan, coupled

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**Application:** In this specific case, the application was allowed because no resolution plan

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Manoj Kuma…
- **Respondents:** Pacific Multi-Comm…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. 3179/IBC/MB/2019 filed by Stepping Stone Financial Services Private…
- **2020-01-02 — Petition Ad…**: Tribunal admitted the petition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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