In re Pravin R. Navandar (NCLT Mumbai)
NCLT Mumbai held that Corporate Debtor Unitech Transformers Pvt. Ltd. is ordered to be liquidated in terms of provision of section 33(2) of the Insolvency and Bankruptcy Code as approved by members of CoC with 83.32% voting share.
Facts- This is an Interlocutory Application is filed Under Section 33(2) read with Section 60(5) of the Insolvency and Bankruptcy Code 2016 R/W Rule 11 of the National Company Law Tribunal Rules, 2016 by Mr.Pravin R. Navandar, Resolution Professional, (Applicant/RP) on 21.06.2025, seeking Liquidation of Unitech Transformers Pvt. Ltd., the Corporate Debtor for passing an order directing the initiation of Liquidation of the Corporate Debtor in accordance with Chapter III of Part II of the Code and appointing Mr. Manish Lalji Dawda as the Liquidator of the Corporate Debtor.
Conclusion- Section 33(2) of the Code lays down that Where the resolution professional, at any time during the Corporate Insolvency Resolution Process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors [approved by not less than sixty-six per cent of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1).
