# In the matter of ABXL Retails (I) Pvt. Ltd. IA 100 of 2018 In C.P. (I.B) No. 114-7-NCLT-AHM-2017

> NCLT judgment dated 2018-07-02. Citation: TCN-2018-NCLT-01216. The case involves an application filed by the Resolution Professional (RP) seeking an order for…

- **Court:** NCLT
- **Order date:** 2 Jul 2018
- **Citation:** TCN-2018-NCLT-01216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abxl-retails-i-pvt-ltd-ia-100-of-2018-in-cp-ib-no-114-7-nclt-ahm-2017-d6dd2f21

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an order for the liquidation of ABXL Retails (India) Pvt. Ltd. under Section 33(1) and 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, and for the appointment of a liquidator under Section 34 of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Punjab National Bank under Section 7 of the Code. The Committee of Creditors (CoC) resolved that no meaningful resolution was possible due to a lack of information about the directors of the suspended Board and the absence of identifiable assets.

## Facts

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against ABXL Retails (India) Pvt. Ltd. Mr. Vikas G Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC), in its third meeting on February 12, 2018, resolved that no meaningful resolution was possible because there was no information about the whereabouts of the directors of the suspended Board of Directors and no tangible or intangible assets could be identified as belonging to the Corporate Debtor. The CoC, with 100% voting in favor, resolved to liquidate the Corporate Debtor to mitigate losses. The 180-day period for the CIRP expired on March 18, 2018. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, ABXL Retails (India) Pvt. Ltd., …

**Ratio:** Section 33(1) and 33(2) of the IBC allows for the initiation of liquidation proceedings

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**Reasoning:** The court reasoned that the CoC, in its meeting, had resolved for liquidation due to the

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**Interpretation:** Section 33 of the IBC is interpreted to allow for liquidation when the CoC

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**Application:** Given the CoC's resolution, the lack of identifiable assets, the absence of

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## Parties

- **Judges:** Manorama…
- **Respondents:** ABXL Retails (I)…
- **Advocates:** Natasha Dhruman…

## Timeline

- **2018-02-12 — CoC Meet…**: The Committee of Creditors (CoC) resolved that no meaningful resolution was possible due…
- **2018-03-18 — CIRP Period…**: The 180-day period provided for the Corporate Insolvency Resolution Process (CIRP)…

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