# In the matter of Auspice Trading Private Limited MA 1241-2018 In C.P.(IB)-1628-(MB)-2017

> NCLT judgment dated 2019-01-21. Citation: TCN-2019-NCLT-05211. The case involves an application (MA 1241/2018) under Section 33(2) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 21 Jan 2019
- **Citation:** TCN-2019-NCLT-05211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/auspice-trading-private-limited-ma-1241-2018-in-cpib-1628-mb-2017-6b0e2dc0

## Summary

### Background

The case involves an application (MA 1241/2018) under Section 33(2) of the Insolvency & Bankruptcy Code, 2016, filed in C.P.(IB)-1628/(MB)2018. Acasia Tele Services Private Limited, the Operational Creditor, initiated proceedings against Auspice Trading Private Limited, the Corporate Debtor, under Section 9 of the IBC. The petition was admitted on 2018-04-24, and Mr. Gaurav Sharma was appointed as the Interim Resolution Professional (IRP).

## Facts

Acasia Tele Services Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Auspice Trading Private Limited, the Corporate Debtor, for an outstanding amount of ₹35,89,67,296. The petition was admitted on 2018-04-24, and Mr. Gaurav Sharma was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CoC held meetings where the IRP presented information about the claims received and the company's financial status. Mr. Mohnish Narayan Shete, Director of Acasia Tele-Services Private Limited, suggested that the company should be liquidated directly due to its negative net worth and lack of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to its negative net worth and lack of …

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

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**Reasoning:** The Committee of Creditors (CoC) considered the negative net worth of the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when

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**Application:** The CoC's decision, based on the Corporate Debtor's negative net worth and lack

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Acasia Tele…
- **Respondents:** Auspice Trading…

## Timeline

- **2018-04-24 — Petition Ad…**: The petition filed by the Operational…
- **2018-06-20 — IRP Confirme…**: The Interim Resolution Professional (IRP) was confirmed as the Resolution Professional…

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