# In the matter of Advance Home and Personal Care Limited I.A. 4540-2020 in Company Petition No. (IB) - 1023(ND)-2018

> NCLT judgment dated 2021-10-06. Citation: TCN-2021-NCLT-00837. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 6 Oct 2021
- **Citation:** TCN-2021-NCLT-00837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-home-and-personal-care-limited-ia-4540-2020-in-company-petition-no-ib-10-8fc30ebc

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Advance Home and Personal Care Private Limited. The operational creditor, Model Logistics Private Limited, had initially filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Tribunal admitted this application on 05.09.2019, initiating CIRP and appointing Mr. Vivek Parti as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). Several CoC meetings were held, but no resolution plan was submitted by any

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## Facts

Model Logistics Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Advance Home and Personal Care Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 05.09.2019, and Mr. Vivek Parti was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). Despite several meetings and attempts to solicit resolution plans, no viable plan was submitted by any Prospective Resolution Applicant (PRA). The CoC, in its 11th meeting held on 03.10.2020, approved the resolution for liquidation of the Corporate Debtor with 100% voting share. The Resolution Professional (RP) then

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The court reasoned that since no resolution plan was received despite multiple attempts

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the CIRP failed to produce a resolution plan, and the CoC

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Model Logistics…
- **Respondents:** Advance Home and…; M/s Advance Home…

## Timeline

- **2019-09-05 — CIRP Init…**: Application under Section 9 of IBC filed by Model Logistics Pvt. Ltd. was admitted,…
- **2019-12-27 — 3rd CoC M…**: Applicant published the Invitation for Expression of Interest for submitting resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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