# In the matter of Pradhvi Multitrade Pvt. Ltd

> NCLT judgment dated 2026-04-17. Citation: TCN-2026-NCLT-00488. The Corporate Insolvency Resolution Process (CIRP) was initiated against Pradhvi Multitrade…

- **Court:** NCLT
- **Order date:** 17 Apr 2026
- **Citation:** TCN-2026-NCLT-00488
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/pradhvi-multitrade-pvt-ltd-4b92c011

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Pradhvi Multitrade Private Limited (Corporate Debtor) on 2024-07-02. Ms. Pooja Damir Miglani was initially appointed as the Interim Resolution Professional (IRP) and subsequently replaced by Mr. Hasti Mal Kachhara as the Resolution Professional (RP), which was confirmed by the Tribunal on 2024-10-22. A Committee of Creditors (CoC) was constituted, comprising only one Financial Creditor, Punjab National Bank. The RP published Form-G for Expression of Interest (Eol) on 2025-02-24, with a deadline of 2025-03-11, but no Eol was received.

## Facts

An application was filed by Mr. Hasti Mal Kachhara, Resolution Professional of Pradhvi Multitrade Private Limited (Corporate Debtor), under Section 33 of the IBC, 2016, seeking liquidation of the Corporate Debtor.

The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 2024-07-02.

Ms. Pooja Damir Miglani was appointed as the Interim Resolution Professional (IRP) during the CIRP.

The IRP was replaced by Mr. Hasti Mal Kachhara as the Resolution Professional (RP), which was confirmed by the Tribunal on 2024-10-22.

The Committee of Creditors (CoC) was constituted, comprising only one Financial Creditor, Punjab National Bank.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Pradhvi Multitrade Private Limited, should be ordered for liquidation …

**Ratio:** As per Section 33 of the Insolvency and Bankruptcy Code, 2016, if the Resolution

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**Reasoning:** The Tribunal determined that no Resolution Plan was received within the CIRP period.

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**Interpretation:** The Tribunal interpreted Section 33 as a mandatory provision requiring a

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**Application:** In the present case, the facts clearly demonstrated that no Expression of

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** TANISHI TRADEWELL…; Hasti Mal K…
- **Respondents:** Pradhvi Multitrade…
- **Other parties:** Committee of…; Board of Di…; +3 more
- **Advocates:** Vatsal Go…; Darshit…; +1 more

## Timeline

- **2024-07-02 — CIRP Initiation and IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated for Pradhvi Multitrade Private…
- **2024-07-06 — IRP's Information…**: IRP informed suspended directors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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