# In the matter of Anil Printers Ltd. MA 1972-2019 in C.P. (IB)-2294(MB)-2018

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00983. The case involves an application (MA-3316/2019) seeking an order under section 33 for the…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anil-printers-ltd-ma-1972-2019-in-cp-ib-2294mb-2018-09e46a7d

## Summary

### Background

The case involves an application (MA-3316/2019) seeking an order under section 33 for the initiation of liquidation. The matter was discussed, and attention was drawn to the 3rd COC meeting held on 19.09.2019, where it was unanimously resolved that liquidation is the only option due to the absence of any Expression of Interest. Valuation for liquidation has been completed and will be placed on record by the RP. It was also resolved that the RP shall work as the liquidator.

## Facts

ICICI Bank initiated a case against Anil Printers Ltd. under the Insolvency and Bankruptcy Code. An application (MA-3316/2019) was filed seeking an order for the initiation of liquidation under Section 33. During the 3rd COC meeting held on 2019-09-19, it was unanimously resolved that liquidation was the only option due to the absence of any Expression of Interest. The valuation for the purpose of liquidation had already been completed. The RP was designated to work as the liquidator. The Financial Creditors and COC members approved and resolved for the commencement of liquidation. Another application (MA-1972/2019) was filed for early hearing, which was disposed of. The liquidator is required to submit a progress report by 2019-12-09.

## Issues and analysis

### Issue 1: Whether the application for initiating liquidation under Section 33 should be allowed given the …

**Ratio:** When the Committee of Creditors (COC) unanimously resolves for liquidation due to the

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**Reasoning:** The court relied on the unanimous resolution of the COC, which represents the financial

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**Interpretation:** Section 33 of the Insolvency and Bankruptcy Code allows for the initiation of

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**Application:** In this case, the COC unanimously resolved for liquidation due to the absence

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## Parties

- **Judges:** M.K. Sh…; Chandra Bha…
- **Appellants:** ICICI…
- **Respondents:** Anil Printe…

## Timeline

- **2019-09-19 — 3rd COC M…**: The 3rd Committee of Creditors (COC) meeting was held, wherein it was unanimously…
- **2019-10-15 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

## 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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