# 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-05215. 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-05215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/auspice-trading-private-limited-ma-1241-2018-in-cpib-1628-mb-2017-99605733

## 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 the Corporate Insolvency Resolution Process (CIRP) against Auspice Trading Private Limited, the Corporate Debtor, under Section 9 of the IBC. The application was admitted on 2018-04-24, and Mr. Gaurav Sharma was appointed as the Interim Resolution Professional (IRP).

## Facts

Acasia Tele Services Private Limited, as the Operational Creditor, initiated CIRP against Auspice Trading Private Limited, the Corporate Debtor, under Section 9 of the IBC. The application was admitted on 2018-04-24. Mr. Gaurav Sharma was appointed as the IRP. The Operational Creditor's petition was for an outstanding amount of ₹35,89,67,296, which was in the nature of advance against purchase order. The IRP convened meetings of the Committee of Creditors (CoC). During the meetings, the IRP presented the claims received from creditors. Mr. Mohnish Narayan Shete, Director of Acasia Tele-Services Private Limited, suggested liquidation due to the company's non-operational status and negative net worth. The CoC decided that inviting an EOI was not feasible due to the

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## Issues and analysis

### Issue 1: Whether the liquidation process should …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The Committee of Creditors decided that inviting an Expression of Interest (EOI) was not

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

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**Application:** Given the negative liquidation value, the lack of a resolution plan, and the

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## Parties

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

## Timeline

- **2018-04-24 — Admission of…**: Petition filed by Acasia Tele Services Private Limited under Section 9 of the IBC was…
- **2018-06-20 — Confirmatio…**: The IRP appointed by the Bench was confirmed as Resolution Professional (RP) by the…

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