# In the matter of Advantage Projects & Consultants Pvt. Ltd. C.P. 112-(PB)-2017

> NCLT judgment dated 2017-12-18. Citation: TCN-2017-NCLT-00039. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 18 Dec 2017
- **Citation:** TCN-2017-NCLT-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advantage-projects-consultants-pvt-ltd-cp-112-pb-2017-205edc86

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Advantage Projects & Consultants Pvt. Ltd. The petition was admitted based on a filing by the Financial Creditor, Om Shivay Real Estate Pvt. Ltd., under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Ashok Kumar Gupta, was appointed. Public announcements were made, and the IRP visited the Corporate Debtor's office, finding no business activities. Four claims were received from financial creditors, and the Committee of Creditors (CoC) was formed. Valuers were appointed to ascertain the liquidation value, and an Information Memorandum (IM) was prepared.

## Facts

Om Shivay Real Estate Pvt. Ltd., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Advantage Projects & Consultants Pvt. Ltd., the Corporate Debtor. The petition was admitted on 30.05.2017, and a moratorium was declared. Mr. Ashok Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The IRP found no business activities at the Corporate Debtor's office. Four claims were received from financial creditors. The first meeting of the Committee of Creditors (CoC) was convened on 01.07.2017. Two valuers were appointed to ascertain the liquidation value. The estimated liquidation value of receivables was Rs. 16.20 lakhs as of 31.03.2017. The third meeting of the CoC was convened on 17.08.2017,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Advantage Projects & Consultants Pvt. Ltd., should be liquidated …

**Ratio:** Section 33 of the IBC, 2016, provides that where the Adjudicating Authority does not

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**Reasoning:** The Tribunal noted that no resolution plan was presented by any financial creditor or the

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**Interpretation:** Section 33 of the IBC mandates liquidation when no resolution plan is available

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**Application:** In this case, since no resolution plan was presented and the CoC approved

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## Parties

- **Judges:** R. VARADH…; DeepaKr…
- **Appellants:** Om Shivay Real…
- **Respondents:** Advantage…; Mr.Auber Se…

## Timeline

- **2017-05-30 — Admission of…**: The petition filed by the Financial Creditor…
- **2017-05-30 — Moratorium D…**: Upon admission of the petition, a moratorium was declared as contemplated under Section…

## 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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