# In the matter of 24X7 Learning Private Limited CP (IB) No.13-BB-17

> NCLT judgment dated 2017-12-06. Citation: TCN-2017-NCLT-00091. The Resolution Professional (RP) filed a report on 2017-11-22 requesting the Adjudicating…

- **Court:** NCLT
- **Order date:** 6 Dec 2017
- **Citation:** TCN-2017-NCLT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/24x7-learning-private-limited-cp-ib-no13-bb-17-320f3a31

## Summary

### Background

The Resolution Professional (RP) filed a report on 2017-11-22 requesting the Adjudicating Authority/Tribunal to pass an order of liquidation for 24 X 7 Learning Private Limited. The Corporate Insolvency Resolution Process (CIRP) of 180 days ended on 2017-10-25. The RP had appointed two registered valuers on 2017-05-04 to value the assets and liabilities of the Corporate Debtor, who submitted their report on 2017-05-29. The Committee of Creditors (CoC) convened meetings but no resolution plan was received. The RP filed a memo on 2017-10-25 intimating the CoC's decision for liquidation.

## Facts

The Resolution Professional (RP) filed a report requesting the Adjudicating Authority to pass an order of liquidation. The Corporate Insolvency Resolution Process (CIRP) of 180 days ended on 2017-10-25. The RP appointed two registered valuers on 2017-05-04 to value the assets and liabilities of the Corporate Debtor. The valuers submitted their report on 2017-05-29. The claims from financial creditors amounted to Rs. 2,16,02,565 and from operational creditors Rs. 2,99,18,485. The total claims amounted to Rs. 10,15,21,050. The Committee of Creditors (CoC) convened meetings, but no resolution plan was received. The RP filed a memo on 2017-10-25 intimating the CoC's decision for liquidation. The financial dues were around Rs. 10,18,36,068, while the amount available for

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for liquidation of the Corporate Debtor …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, mandates that if the Adjudicating

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**Reasoning:** The court reasoned that the Corporate Insolvency Resolution Process (CIRP) period had

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**Interpretation:** Section 33 is interpreted to mean that the absence of a viable resolution plan

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**Application:** In this case, the Corporate Insolvency Resolution Process (CIRP) period had

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…
- **Respondents:** 24 X 7 LEARNING…
- **Advocates:** Sumana…; Ramesh Kuma…

## Timeline

- **2017-11-22 — RP files…**: The Resolution Professional filed a report requesting the Adjudicating Authority/Tribunal…
- **2017-04-28 — Appointment…**: CSB Ramesh Kumar Bhat was appointed as an…

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