# In the matter of Pai Khot Infra Private Limited

> NCLT judgment dated 2024-08-19. Citation: TCN-2024-NCLT-00783. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Pai…

- **Court:** NCLT
- **Order date:** 19 Aug 2024
- **Citation:** TCN-2024-NCLT-00783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pai-khot-infra-private-limited-61648feb

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Pai Khot Infra Private Limited. The CIRP was triggered by a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. A Committee of Creditors (CoC) was formed, consisting solely of Sonal Enterprises Private Limited as an operational creditor. Despite inviting resolution plans, none were received. The CoC then unanimously approved the liquidation of the company.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Pai Khot Infra Private Limited following the admission of a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed to manage the company's affairs during the CIRP. The Committee of Creditors (CoC) was formed, consisting solely of Sonal Enterprises Private Limited as an operational creditor. No claims were received from financial creditors. The IRP released an Expression of Interest (Eol) twice, inviting resolution plans from prospective applicants, but no resolution plan was submitted. Consequently, the CoC unanimously approved the liquidation of the company in its 6th meeting held on 18.04.2024. The Suspended Board of

…

## Issues and analysis

### Issue 1: Whether the Interlocutory Application seeking liquidation of the Corporate Debtor should be allowed …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

…

**Reasoning:** The court reasoned that no resolution plan was received despite efforts to invite them,

…

**Interpretation:** Section 33 provides a clear pathway for liquidation when resolution efforts

…

**Application:** In this case, the absence of any resolution plan, coupled with the CoC's

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Pai Khot Infra…

## Timeline

- **2023-10-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal vide order dated…
- **2023-11-28 — First Meeting of…**: The Applicant herein was not confirmed as the Resolution Professional in the first…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/pai-khot-infra-private-limited-61648feb