# In the matter of Pawar Electro Systems Pvt. Ltd. IA 1352-2023 (NEW IA) IA 2402-2020, IA 300 & 1946-2021in C.P.(IB)-1587(MB)2019

> NCLT judgment dated 2023-04-13. Citation: TCN-2023-NCLT-03817. The case involves an Interlocutory Application (IA 1352/2023) in the matter of the Corporate…

- **Court:** NCLT
- **Order date:** 13 Apr 2023
- **Citation:** TCN-2023-NCLT-03817
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pawar-electro-systems-pvt-ltd-ia-1352-2023-new-ia-ia-2402-2020-ia-300-1946-2021i-6e8fb228

## Summary

### Background

The case involves an Interlocutory Application (IA 1352/2023) in the matter of the Corporate Debtor, Pawar Electro Systems Pvt Ltd, which was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. IDBI Bank Limited, the Financial Creditor, initiated the CIRP. The Resolution Professional (RP) sought liquidation of the Corporate Debtor under Section 33 of the IBC. The RP had published Expression of Interest (EOI) but received no response. The Committee of Creditors (CoC) ultimately approved the proposal to put the Corporate Debtor into liquidation.

## Facts

IDBI Bank Ltd initiated CIRP against Pawar Electro Systems Pvt Ltd under Section 7 of the IBC, 2016. Mr. Girish Siriram Juneja was appointed as the Interim Resolution Professional. The Corporate Debtor was placed under CIRP on 2019-09-06. The RP published a public announcement in Form A and invited Expressions of Interest (EOI) in Form G. Despite extending the deadline, no EOIs were received. The CoC approved the liquidation of the Corporate Debtor. The RP filed an affidavit stating the CoC's resolution for liquidation. The present Interlocutory Application was listed on 2022-06-28, and the CoC approved the proposal for liquidation. The CoC passed a resolution for approving the Liquidation of the Corporate Debtor on 2022-07-14. The Resolution Professional of the

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application is in consonance with Section 33(2) of the Insolvency and …

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

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**Reasoning:** The court considered the submissions made in the application and the averments presented.

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The court applied Section 33(2) to the facts of the case, noting that the CoC

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## Parties

- **Judges:** H.V. Subb…; Anu Jagmoha…
- **Respondents:** Pawar Electro…; IDBI Bank…

## Timeline

- **2019-09-06 — Corporate Debtor Placed…**: The Corporate Debtor was placed under CIRP vide short order dated 06.09.2019, on an…
- **2019-09-24 — Order Published on NCLT…**: The short Order dt. 06.09.2019, passed in the Company Petition bearing CP (IB) No. 1587…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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