# In the matter of Pioneer Gas Power Limited

> NCLT judgment dated 2025-11-11. Citation: TCN-2025-NCLT-01626. The Corporate Debtor (CD), Pioneer Gas Power Limited, was admitted into Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 11 Nov 2025
- **Citation:** TCN-2025-NCLT-01626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/pioneer-gas-power-limited-86f454d3

## Summary

### Background

The Corporate Debtor (CD), Pioneer Gas Power Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 12.01.2024. The Applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Debtor was admitted into CIRP on 12.01.2024.

The Interim Resolution Professional (IRP) issued a public announcement inviting claims from creditors.

The Committee of Creditors (CoC) was constituted on 10.02.2024.

The CoC confirmed the Applicant as the Resolution Professional on 21.03.2024.

Claims of Financial Creditors amounting to Rs 4137,27,56,765 were admitted.

The CIRP period was extended up to 24.09.2025.

Form-G was published on 01.04.2024, inviting Expression of Interests (Eols).

None of the Resolution Plans received the minimum required voting share of 66% for approval.

The CoC proposed M/s Aegis Resolution Services Pvt Ltd as the Liquidator.

The total estimated cost of liquidation has been determined at Rs 4,01,33,770.

## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor should be initiated under Section 33(1)(a) of the …

**Ratio:** Section 33(1)(a) of the IBC, 2016 allows for the initiation of liquidation proceedings

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**Reasoning:** None of the Resolution Plans received the required voting share, and the CoC rejected the

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**Interpretation:** The Tribunal interpreted Section 33(1)(a) to mean that liquidation is

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**Application:** The Tribunal applied Section 33(1)(a) and ordered the liquidation of the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** IFCI…; M/s Bright Star…
- **Respondents:** Pioneer Gas Power…
- **Other parties:** IFCI Li…; Avil Jerome…; +2 more
- **Advocates:** Ramesh…

## Timeline

- **2024-01-12 — Admission in…**: The Corporate Debtor was admitted into…
- **2024-02-10 — Constitution…**: The Committee of…

## 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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