# In the matter of Plutus Infraventures Private Limited IA. (IB) No. 28-CB-2023 In CP (IB) No. 176-CTB-2019

> NCLT judgment dated 2023-01-24. Citation: TCN-2023-NCLT-04926. The application was filed by the Resolution Professional, Dr. Bankim Shukla, of Plutus…

- **Court:** NCLT
- **Order date:** 24 Jan 2023
- **Citation:** TCN-2023-NCLT-04926
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/plutus-infraventures-private-limited-ia-ib-no-28-cb-2023-in-cp-ib-no-176-ctb-201-accbacc3

## Summary

### Background

The application was filed by the Resolution Professional, Dr. Bankim Shukla, of Plutus Infraventures Private Limited, seeking liquidation due to the non-receipt of a resolution plan under Section 33 of the IBC, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor under Section 7 of IBC, 2016, and was admitted on 15.03.2022. Initial steps included public announcements and constitution of the Committee of Creditors (CoC). Several CoC meetings were held, and the applicant called for Expression of Interest (EOI) but received no response. The Resolution Professional also filed applications regarding the cooperation of the suspended board of directors and fraudulent transactions. The CoC unanimously decided to file an

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Plutus Infraventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and was admitted on 15.03.2022. Mr. Pankaj Khaitan was initially appointed as the Interim Resolution Professional (IRP). Public announcements were made, and the IRP received claims from Punjab National Bank, the Financial Creditor. The IRP verified and admitted the claims and constituted a Committee of Creditors (CoC) comprising the sole member. Several CoC meetings were held, and the applicant called for Expression of Interest (EOI) but received no response. The Resolution Professional also filed applications regarding the cooperation of the suspended board of directors and fraudulent

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Plutus Infraventures Private …

**Ratio:** Section 33 of the IBC, 2016 allows for liquidation when no resolution plan is received or

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**Reasoning:** The court considered the fact that despite efforts to solicit resolution plans, none were

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if no viable resolution plan

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**Application:** Since no resolution plan was received for Plutus Infraventures Private Limited,

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Bankim S…
- **Respondents:** Plutus Infraventur…; Punjab National…

## Timeline

- **2022-03-15 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against Plutus Infraventures Private…
- **2022-03-17 — Public Annou…**: Public announcement of the CIRP order was…

## Legal provisions

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

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