# In the matter of Perfect Mobiles and Communications Pvt. Ltd. IA No. 1433-2022 in CP (IB) No.1075-MB-C-IV-2020

> NCLT judgment dated 2022-08-24. Citation: TCN-2022-NCLT-01287. The case involves an application filed by Mr. Mukesh Jain, the Resolution Professional, seeking…

- **Court:** NCLT
- **Order date:** 24 Aug 2022
- **Citation:** TCN-2022-NCLT-01287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/perfect-mobiles-and-communications-pvt-ltd-ia-no-1433-2022-in-cp-ib-no1075-mb-c-5f8c3de7

## Summary

### Background

The case involves an application filed by Mr. Mukesh Jain, the Resolution Professional, seeking liquidation of Perfect Mobile & Communication Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Perfect Mobile Communication Private Limited after Bathla Teletech Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

Bathla Teletech Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Perfect Mobile & Communication Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Mukesh Jain was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors, and two claims were received. A Committee of Creditors (CoC) was formed, and Mr. Jain was confirmed as the Resolution Professional (RP). Form-G was published to invite expressions of interest from prospective resolution applicants, but no expressions of interest were received. The Corporate Debtor had no immovable assets. The CoC resolved for liquidation of the Corporate Debtor with 99.50% voting share and appointed Mr. Jain

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Perfect Mobile & Communication Private Limited …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Committee of Creditors (CoC) with 99.50% voting share resolved for the liquidation of

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when

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**Application:** The CoC's resolution, supported by 99.50% voting share, satisfies the

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Mukesh…
- **Respondents:** Perfect Mobile &…; Perfect Mobile…; +1 more

## Timeline

- **2022-01-07 — Order for CIRP…**: Tribunal admitted the petition under Section 9 of the Code, filed by Bathla Teletech…
- **2022-01-13 — Public Annou…**: The IRP made public announcements in two daily leading newspapers inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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