# 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-05213. 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-05213
- **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-a8e6bfb8

## Summary

### Background

The application I.A. No. 900/2021 was filed by the Resolution Professional, Mr. Manoj Kumar Jain, seeking liquidation of Pacific Multi-Commodity Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Pacific Multi-Commodity Limited after Stepping Stone Financial Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. Manoj Kumar Jain was appointed as the Interim Resolution Professional. A public announcement was made on 07.01.2020, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and in its first meeting on 10.02.2020, the Applicant was appointed as the Resolution Professional. In the second CoC meeting on 06.03.2020, a resolution was passed for the appointment of

…

## Facts

The Resolution Professional, Mr. Manoj Kumar Jain, filed an application (I.A. No. 900/2021) seeking the liquidation of Pacific Multi-Commodity Ltd. (the Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Stepping Stone Financial Services Private Limited (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Jain was appointed as the Interim Resolution Professional. A public announcement was made on 07.01.2020, inviting claims from creditors. The Committee of Creditors (CoC) convened, appointing the Applicant as the Resolution Professional on 10.02.2020. Registered valuers were appointed on 06.03.2020. An Expression of Interest (EOI) was invited on 14.03.2020, with

…

## Issues and analysis

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

**Ratio:** The Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a corporate debtor

…

**Reasoning:** The Tribunal observed that no viable resolution plan was received for the Corporate

…

**Interpretation:** The legal issue involves interpreting the provisions of the Insolvency and

…

**Application:** Given that no resolution plan was received and the CoC approved liquidation,

…

## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2020-01-02 — Petition Ad…**: The Tribunal admitted the…

## 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)

---

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/pacific-multi-commodity-limited-ia-900-of-2021-in-cp-ib-3179-ibc-mb-2019-a8e6bfb8