# In the matter of Acasia Teleservices Pvt. Ltd. MA 1240-2018 in C.P.(IB)-58-(MB)-2018

> NCLT judgment dated 2019-02-11. Citation: TCN-2019-NCLT-04905. The case involves an application filed on 23.10.2018 by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 11 Feb 2019
- **Citation:** TCN-2019-NCLT-04905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acasia-teleservices-pvt-ltd-ma-1240-2018-in-cpib-58-mb-2018-6f14a1a8

## Summary

### Background

The case involves an application filed on 23.10.2018 by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Acasia Tele Services Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Acasia Tele Services Pvt Ltd on 20th March, 2018, following an order by the National Company Law Tribunal (NCLT) under section 9 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a Committee of Creditors (CoC) was constituted. The CoC ultimately decided to liquidate the company due to its poor financial condition and lack of viable resolution plans.

## Facts

Acasia Tele Services Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated by GTL Ltd. (Operational Creditor) on 20th March, 2018, due to a default of Rs. 97,15,41,848. The debt comprised trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The company had not been operational for over a year, had no employees, and incurred losses in FY 2015-16, 2016-17, and 2017-18. The Committee of Creditors (CoC) was formed, and after considering the company's financial condition and the absence of any transactions under sections 43, 45, 50 or 66 of the Insolvency and Bankruptcy Code, 2016, decided to liquidate the company. The liquidation value was assessed at

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code allows for the initiation of

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**Reasoning:** The Committee of Creditors (CoC) decided that it was not feasible to invite an Expression

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC

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**Application:** The CoC, after considering the company's lack of operations, consistent losses,

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** GTL L…
- **Respondents:** Acasia Teleservice…

## Timeline

- **2018-03-20 — NCLT Order Initiating…**: Date of NCLT order initiating Corporate Insolvency Resolution Process against Acasia Tele…
- **2018-04-26 — Certified Copy of Order…**: Certified copy of order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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