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

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01403. The case involves an Interlocutory Application filed by the Resolution Professional, Mr. Ajay…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01403
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pan-india-infraprojects-pvt-ltd-bd2f8de4

## 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 to initiate the liquidation process for Pan India Infra Projects Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.07.2020, following the 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 25.07.2020 to invite claims from creditors. The Committee of Creditors (CoC) was formed, comprising seven financial creditors. The 4th CoC meeting on 22.02.2021, decided against extending the CIRP period or inviting

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Pan India Infra Projects Pvt Ltd was initiated on 16.07.2020, following the admission of a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ajay Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. A public announcement was made on 25.07.2020, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of seven financial creditors. The 4th CoC meeting was held on 22.02.2021. No resolution plan was received by 02.02.2021. The CoC decided not to extend the CIRP period or invite fresh Expressions of Interest (EOIs). The CoC unanimously resolved to initiate liquidation with 100% voting share. The

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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 initiation of

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**Reasoning:** The Tribunal considered the fact that no resolution plan was received and the CoC had

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

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**Application:** In this case, the absence of a resolution plan and the CoC's decision to

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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…
- **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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