# In the matter of PIONEER CHANNEL FACTORY PRIVATE LIMITED

> NCLT judgment dated 2026-02-05. Citation: TCN-2026-NCLT-00155. An Interlocutory Application was filed by the Applicant, Bharati Daga, under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 5 Feb 2026
- **Citation:** TCN-2026-NCLT-00155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/pioneer-channel-factory-private-limited-d5c43759

## Summary

### Background

An Interlocutory Application was filed by the Applicant, Bharati Daga, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for initiating the Liquidation Process against Pioneer Channel Factory Private Limited (Corporate Debtor).

## Facts

Bharati Daga filed an application to initiate liquidation process against Pioneer Channel Factory Private Limited.

CIRP was initiated on March 10, 2025, by the National Company Law Tribunal, Mumbai Bench.

The Applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.

The Committee of Creditors (CoC) had 100% voting share.

Despite efforts and extension of the CIRP period, no resolution plan was received.

The CoC resolved to liquidate the Corporate Debtor under Section 33 of the Code.

Hetal Gaurang Kothari is appointed as the Liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed due to the …

**Ratio:** Section 33 of the Insolvency

…

**Reasoning:** The CoC resolved to liquidate the Corporate Debtor due to the non-receipt of any

…

**Interpretation:** In the absence of a resolution plan and with the CoC's decision to liquidate,

…

**Application:** The application for liquidation is allowed, and the Corporate Debtor, Pioneer

…

## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Bharati…
- **Respondents:** Pioneer Channel…
- **Other parties:** Hetal Gaurang…
- **Advocates:** Maulik Ch…; Jay Bot…

## Timeline

- **2025-03-10 — CIRP Init…**: Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor was initiated by…
- **2025-03-13 — Public Annou…**: Applicant issued a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/pioneer-channel-factory-private-limited-d5c43759