# In the matter of Vijaykumar Vs.  Gopalsamy Ganesh Babu & Ors. Company Appeal  (AT) (Ins) No. 1207--2019

> NCLAT judgment dated 2020-02-19. Citation: TCN-2020-NCLAT-00389. The case involves an appeal against the order of liquidation passed by the National Company…

- **Court:** NCLAT
- **Order date:** 19 Feb 2020
- **Citation:** TCN-2020-NCLAT-00389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vijaykumar-vs-gopalsamy-ganesh-babu-ors-company-appeal-ae19ac2e

## Summary

### Background

The case involves an appeal against the order of liquidation passed by the National Company Law Tribunal (NCLT), Chennai Bench, against Quantum Coal Energy Pvt. Ltd. The application under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted on 15.07.2019. The IRP was appointed, and the first COC meeting was held on 13.08.2019. The COC decided to liquidate the Corporate Debtor, leading to the NCLT's order of liquidation on 17.09.2019.

## Facts

The application under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted on 15.07.2019 against Quantum Coal Energy Pvt. Ltd. The IRP was appointed and a COC was formed. The COC decided to liquidate the Corporate Debtor, leading to an order of liquidation by the NCLT on 17.09.2019. The Appellant claimed the Corporate Debtor had a turnover of Rs.19 Crores in the past. The COC consisted of only one Financial Creditor, ICICI Bank, with whom the Appellant claimed to have settled. The Appellant also claimed to have settled with four Operational Creditors, including ENP IMPEX Pvt. Ltd., and obtained consent from three other Operational Creditors (Carbone International PTE Ltd., Agarwal Coal Corporation Pvt. Ltd., and Penta Coal Pvt. Ltd.) for revival of the

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## Issues and analysis

### Issue 1: Whether the liquidation order passed by the NCLT was …

**Ratio:** The primary objective of the IBC is resolution and revival of the Corporate Debtor rather

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**Reasoning:** The court reasoned that considering the object of the IBC, which is resolution, and the

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**Interpretation:** The IBC emphasizes the importance of attempting to revive a distressed company

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**Application:** In this case, the court applied the ratio by considering the Appellant's claims

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## Parties

- **Judges:** A.I.S. C…; A.B. S…; +1 more
- **Appellants:** Vijayak…
- **Respondents:** QUANTUM COAL…; Gopalsamy Ganesh…

## Timeline

- **2019-07-15 — Admission of Application…**: Application under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted…
- **2019-07-20 — Public Announcement by…**: The IRP gave public…

## 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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