Mumbai, September 15, 2026: The Mumbai bench of the National Company Law Tribunal (NCLT) has ordered liquidation of European Projects & Aviation Limited, observing that the company had ceased operations, had no employees or fixed assets and had failed to attract any viable resolution plan.
The Committee of Creditors (CoC) had resolved unanimously to initiate liquidation, citing the company’s prolonged inactivity, absence of employees and assets, and lack of viable resolution applicants. The resolution was approved with 100% voting share at the fifth CoC meeting held on September 9, 2025.
CIRP Period Expires Without Plan
“It is submitted that the CIRP period of the Corporate Debtor will expire on 23.09.2025. Since the Corporate Debtor had no business revenue or income since FY 2012, has no employees, staff, fixed assets, or patents, and has received no interest from any Prospective Resolution Applicant, the CoC, in its 4th and 5th meetings held on 25.08.2025 and 09.09.2025, unanimously resolved with 100% voting share to liquidate the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016,” the order reads.
The tribunal noted that the CIRP period expired on September 23, 2025, without any resolution plan being submitted before the Adjudicating Authority. It held that, in view of the CoC’s 100% vote in favour of liquidation and the company’s failure to remain a going concern, liquidation under Section 33(2) was warranted.
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Tribunal Orders Liquidation
“Considering that the CIRP commenced on 27.03.2025 and the prescribed CIRP period expired on 23.09.2025 without any extension being sought, that no Resolution Plan has been submitted to this Adjudicating Authority under Section 30(6) of the Code, and that the Corporate Debtor has ceased operations and is no longer a going concern. The CoC has passed resolution in favour of Liquidation with 100% majority in their 5th Meeting of Committee of Creditors held on 09.09.2025. Under the circumstances this Adjudicating Authority is of the considered view that the Corporate Debtor is liable to be liquidated under Section 33(2) of the Code, and accordingly, liquidation proceedings deserve to be initiated in accordance with Chapter III of the Code,” the order copy read.
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