# In the matter of ASA Production and Entertainment Pvt. Ltd. I.A. 282 of 2021 in C.P (IB) No. 1973 of 2019

> NCLT judgment dated 2021-12-07. Citation: TCN-2021-NCLT-00250. The case pertains to I.A. No. 282/2021 filed by the Resolution Professional seeking liquidation…

- **Court:** NCLT
- **Order date:** 7 Dec 2021
- **Citation:** TCN-2021-NCLT-00250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asa-production-and-entertainment-pvt-ltd-ia-282-of-2021-in-cp-ib-no-1973-of-2019-52b6c151

## Summary

### Background

The case pertains to I.A. No. 282/2021 filed by the Resolution Professional seeking liquidation of ASA Production and Enterprises Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 8 & 9 of the Code. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted. The RP informed the CoC that no Expression of Interest (EoI) was received pursuant to an invitation. The CoC concluded that there was a rare prospect of finding a prospective Resolution Applicant and decided

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## Facts

Gopal Sound initiated Corporate Insolvency Resolution Process (CIRP) against ASA Production & Entertainment Pvt Ltd under Section 8 & 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2019-11-13. An Interim Resolution Professional (IRP) was appointed, who then issued a public announcement on 2019-11-24, inviting claims from creditors with a deadline of 2019-12-04. A Committee of Creditors (CoC) was formed on 2019-12-24. The CoC published an advertisement on 2020-02-11, inviting Expressions of Interest (EoI), with a submission deadline of 2020-03-01. No EoI was received. In a meeting on 2020-07-23, the CoC determined that there was a rare prospect of finding a resolution applicant and decided to initiate liquidation. The CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in deciding

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**Reasoning:** The CoC, after considering the efforts made by the Resolution Professional (RP) to find a

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

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**Application:** In this case, the CoC, with a 100% majority, decided to liquidate ASA

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Gopal S…
- **Respondents:** ASA Production…; ASA production &…

## Timeline

- **2019-11-13 — Admission of…**: The Tribunal admitted the petition…
- **2019-11-24 — Public Annou…**: The IRP issued a public announcement in…

## 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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