# In the matter of Pan India Infraprojects Pvt. Ltd.

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01409. The case involves an Interlocutory Application filed by the Resolution Professional, Mr. Ajay…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pan-india-infraprojects-pvt-ltd-60ada5ce

## Summary

### Background

The case involves an Interlocutory Application filed by the Resolution Professional, Mr. Ajay Agrawal, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation process against PAN INDIA INFRA PROJECTS PVT LTD. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2020-07-16 upon admission of a Company Petition under Section 9 of the IBC. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. A public announcement was made on 2020-07-25 to invite claims from creditors. The Committee of Creditors (CoC) was formed, comprising seven financial creditors. The 4th CoC meeting was held on 2021-02-22, where it was decided to initiate liquidation due to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of PAN INDIA INFRA PROJECTS PVT LTD was initiated on 2020-07-16 following the admission of a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ajay Agrawal was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional. A public announcement was made on 2020-07-25 to invite claims from creditors, leading to the formation of a Committee of Creditors (CoC) comprising seven financial creditors. The 4th CoC meeting, held on 2021-02-22, resulted in a decision to initiate liquidation due to the absence of a resolution plan by 2021-02-02. The CoC unanimously approved the liquidation with a 100% voting share. An Interlocutory Application was

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application filed under Section 33(2) of the Insolvency and Bankruptcy …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the filing of an

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**Reasoning:** The Tribunal considered that there was no Resolution Plan for consideration and the CoC

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**Interpretation:** Section 33(2) provides a window for initiating liquidation when the CIRP fails

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**Application:** In this case, since no resolution plan was presented and the CoC voted in favor

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Ajay Ag…
- **Respondents:** PAN INDIA INFRA…; MS GARG ENTERPRISE…

## Timeline

- **2020-07-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for PAN INDIA INFRA PROJECTS PVT…
- **2020-07-25 — Public Annou…**: Public announcement made by the IRP…

## Legal provisions

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

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