# In the matter of WB Precision Engineering Solutions Private Limited

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02667. The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wb-precision-engineering-solutions-private-limited-03547f2d

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, initiated by PCS Electrical, an operational creditor, against WB Precision Engineering Solutions Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, an Interim Resolution Professional (IRP) was appointed, and subsequently, a Resolution Professional (RP) was appointed. The Committee of Creditors (CoC) was formed and convened several meetings. Ultimately, the CoC decided to proceed with the liquidation of the Corporate Debtor with 100% consent, citing the absence of valuable assets and the lack of cooperation from the corporate debtor.

## Facts

PCS Electrical, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against WB Precision Engineering Solutions Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 24.03.2021, and a moratorium was declared under Section 14. Mr. Kamal Prakash Singh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted on 07.04.2021 and held multiple meetings. The CoC, in its 3rd meeting on 22.12.2021, decided to proceed with the liquidation of the corporate debtor with 100% consent due to the absence of valuable assets and the lack of cooperation from the corporate debtor.

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional (RP) for the liquidation of the …

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

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**Reasoning:** The Committee of Creditors (CoC) unanimously decided to proceed with the liquidation of

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for the Adjudicating

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**Application:** In this case, the CoC unanimously approved the resolution for liquidation.

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** PCS Elect…
- **Respondents:** WB Precision…
- **Advocates:** Rahul Parasrampuri…

## Timeline

- **2021-03-24 — Application A…**: The Tribunal admitted the application filed under Section 9 of the Code, 2016 by the…
- **2021-03-24 — Appointment of Interim…**: Mr. Kamal Prakash Singh was appointed as the Interim Resolution Professional of the…

## 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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