# 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-00993. The case involves an application for seeking an order under section 33 for the initiation of…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anil-printers-ltd-ma-1972-2019-in-cp-ib-2294mb-2018-a0b66d32

## Summary

### Background

The case involves an application for seeking an order under section 33 for the initiation of liquidation. The Committee of Creditors (COC) held a meeting 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 Resolution Professional (RP). The RP will also work as the liquidator.

## Facts

ICICI Bank filed a case against Anil Printers Ltd. An application (MA-3316/2019) was made for seeking an order under Section 33 for the initiation of liquidation. The COC met on 19.09.2019 and unanimously resolved that liquidation was the only option due to the absence of any Expression of Interest. The valuation for liquidation has already been completed. The RP will work as the liquidator. The Financial Creditors and COC members approved and resolved for the commencement of liquidation. MA-1972/2019 was an application for early hearing. The liquidator must inform the progress report of the liquidation by 09.12.2019.

## Issues and analysis

### Issue 1: Whether to allow the application for …

**Ratio:** Liquidation can be initiated if the COC approves

…

**Reasoning:** The COC unanimously resolved that liquidation was the only option due to the absence of

…

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

…

**Application:** Since the COC approved the liquidation and there were no expressions of

…

## Parties

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

## Timeline

- **2019-09-19 — COC Meet…**: The 3rd COC meeting was held, and it was unanimously resolved that liquidation is the…
- **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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