# In the matter of  Aakash Tiles Pvt. Ltd. MA 1508 & 290-2019 in C.P. (IB)-360-(MB)-2018

> NCLT judgment dated 2020-01-29. Citation: TCN-2020-NCLT-02146. The case involves an application (MA-3290/2019) preferred by the Resolution Professional for…

- **Court:** NCLT
- **Order date:** 29 Jan 2020
- **Citation:** TCN-2020-NCLT-02146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aakash-tiles-pvt-ltd-ma-1508-290-2019-in-cp-ib-360-mb-2018-f2c8672b

## Summary

### Background

The case involves an application (MA-3290/2019) preferred by the Resolution Professional for the liquidation of Aakash Tiles Private Limited, the Corporate Debtor. The Committee of Creditors (COC) approved the liquidation in a meeting held on September 23, 2019, and appointed Mr. Gaurav Ashok Adukia, the current Resolution Professional, as the liquidator. Another application (MA-1508/2019) was filed by the Resolution Professional relating to non-cooperation of the erstwhile Directors of the Corporate Debtor company, but it was disposed of as infructuous.

## Facts

Edelweiss Asset Reconstruction Co. Ltd filed a case against Aakash Tiles Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code. The Resolution Professional preferred MA-3290/2019 for the liquidation of Aakash Tiles Private Limited. The COC approved the liquidation in its meeting on September 23, 2019, and appointed Mr. Gaurav Ashok Adukia as the liquidator. The liquidator's fee was prescribed by the COC, with different rates for value realized within and after six months from the liquidation commencement date. MA-1508/2019, related to non-cooperation of the erstwhile Directors, was disposed of as infructuous. The liquidator is required to file a progress report.

## Issues and analysis

### Issue 1: Whether the liquidation of Aakash Tiles Private Limited should be approved based on the decision of …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for liquidation upon

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**Reasoning:** The Committee of Creditors approved the liquidation of Aakash Tiles Private Limited in

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**Interpretation:** Section 33(2) grants the COC the authority to decide on liquidation. The court

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**Application:** The COC's resolution approving liquidation is the basis for the court's

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Aakash Tiles…; Aakash Tiles Pvt.…

## Timeline

- **2019-09-23 — COC Meet…**: The Committee of Creditors (COC) decided to liquidate Aakash Tiles Private Limited and…
- **2020-01-29 — Order Da…**: The Mumbai Bench of the National Company Law Tribunal (NCLT) passed the order allowing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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