# In the matter of Regal Pride Trading & Commercial Private Limited I.A. 2208 of 2020 in C.P.(IB) No. 2823-MB-2019

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04116. The application I.A. No. 2208/2020 was filed by Mr. Vipul Mittal, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regal-pride-trading-commercial-private-limited-ia-2208-of-2020-in-cpib-no-2823-m-00738bab

## Summary

### Background

The application I.A. No. 2208/2020 was filed by Mr. Vipul Mittal, the Resolution Professional of the Corporate Debtor, who later passed away. Ms. Deepa Gupta was appointed as the new Resolution Professional. The application sought liquidation of Regal Pride Trading and Commercial Private Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Punjab National Bank under Section 7 of the Code. An appeal was filed before the NCLAT, which initially stayed the formation of the CoC, but the stay was later vacated. The CoC, with Punjab National Bank as the sole member, passed a resolution to liquidate the company

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## Facts

Mr. Vipul Mittal, the initial Resolution Professional (RP) for Regal Pride Trading & Commercial Private Limited, passed away, leading to the appointment of Ms. Deepa Gupta as the new RP. Punjab National Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Regal Pride Trading & Commercial Private Limited. An appeal was filed against the CIRP, resulting in a temporary stay on the formation of the Committee of Creditors (CoC), which was later lifted. The CoC, consisting solely of Punjab National Bank, resolved to liquidate the Corporate Debtor as a going concern. The RP then filed an application (I.A. No. 2208/2020) seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Regal Pride Trading & …

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

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**Reasoning:** The CoC, being the sole member Punjab National Bank, passed a resolution with 100% voting

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**Interpretation:** Section 33 of the IBC provides the mechanism for initiating liquidation

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**Application:** The CoC's decision to liquidate the Corporate Debtor, Regal Pride Trading &

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Vipul M…
- **Respondents:** Regal Pride…
- **Advocates:** Rohini…; KunalKa…

## Timeline

- **2019-12-06 — Tribunal admits…**: Tribunal admitted the petition under Section 7 of the Code in Company Petition No.…
- **2019-12-16 — NCLAT grant…**: Hon'ble NCLAT granted stay…

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