SNK Rolling Bearing Vs Hoshiar Nirvair Tractors Private Limited (NCLT Chandigarh)
NCLT Chandigarh held that application u/s. 33(2) of the Insolvency and Bankruptcy Code for the initiation of the liquidation process of the Corporate Debtor [Hoshiar Nirvair Tractors Private Limited] stands approved as no resolution plan was received even after publication of Form G twice.
Facts- The present Application has been filed by Mr Parminder Singh Bhullar, Resolution Professional for Hoshiar Nirvair Tractors Private Limited, Corporate Debtor, under sub-section (2) of section 33 of the Insolvency and Bankruptcy Code, 2016 for initiating the liquidation process of the Corporate Debtor.
Conclusion- Held that the present Application has been filed under sub-section (2) of section 33 of the Code for the initiation of the liquidation process of the Corporate Debtor. The CoC consists of a sole member, i.e., Punjab National Bank. The Resolution Professional has published Form G twice, i.e., on 04.10.2022, and thereafter, on 02.12.2022. However, no Resolution Plan was received. The CoC, in its 8th meeting, passed a resolution for the Liquidation of the Corporate Debtor with 100% votes. The CoC, in accordance with Regulation 39B, resolved and approved the liquidation cost of Rs. 6,51,000/- in the 9th CoC meeting. Further, the sole member of CoC resolved to contribute to meet the liquidation cost as required under Regulation 39B (3) of the CIRP Regulations, 2016. Furthermore, since the value of the liquid assets of the corporate debtor is NIL, and no Resolution Plan was received even after publication of Form G twice, the Application deserves to be allowed.
