# In the matter of Panache exports Private Limited I.A. 1682 of 2021 in CP (IB) - 2607-IBC-MB-2019

> NCLT judgment dated 2022-09-23. Citation: TCN-2022-NCLT-00954. The application I.A. No. 1682 of 2021 was filed by the Resolution Professional, Mr. Mayank…

- **Court:** NCLT
- **Order date:** 23 Sept 2022
- **Citation:** TCN-2022-NCLT-00954
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panache-exports-private-limited-ia-1682-of-2021-in-cp-ib-2607-ibc-mb-2019-af0b1f0b

## Summary

### Background

The application I.A. No. 1682 of 2021 was filed by the Resolution Professional, Mr. Mayank Rameshchandra Jain, seeking liquidation of Panache Exports Private Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 7 of the Code filed by Oriental Bank of Commerce (now Punjab National Bank), the Financial Creditor. Public announcements were made to invite claims from creditors, and the Committee of Creditors (CoC) was formed, appointing the applicant as the RP. Despite efforts to find a resolution plan, including multiple invitations for Expression of Interest (EOI), no viable resolution plan was received.

## Facts

The Resolution Professional, Mr. Mayank Rameshchandra Jain, filed an application (I.A. No. 1682 of 2021) seeking the liquidation of Panache Exports Private Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 7 of the Code filed by Oriental Bank of Commerce (now Punjab National Bank), the Financial Creditor, on 25.11.2019. Public announcements were made on 28.11.2019, inviting claims from creditors, with a deadline of 11.12.2019. The first meeting of the Committee of Creditors (CoC) took place on 27.12.2019, where the applicant was appointed as the RP. The CoC approved the publication of an Invitation for Expression

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Panache Exports Private Limited, should be liquidated under Section …

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

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**Reasoning:** The court reasoned that despite multiple attempts to find a resolution plan, including

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**Interpretation:** Section 33(2) is interpreted to mean that if all attempts to revive the

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**Application:** In this case, the application of Section 33(2) and the principle of commercial

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Mayank Rameshchand…
- **Respondents:** Panache Exports…

## Timeline

- **2019-11-25 — Admission of…**: The Tribunal admitted the petition under Section 7 of the Code filed by Oriental Bank of…
- **2019-11-28 — Public Annou…**: A public announcement was made inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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