# In the matter of Axiom Estates Advisory Services Private Limited IA (IB) No. 666-KB-2020 in CP (IB) No. 616-KB-2018

> NCLT judgment dated 2021-01-28. Citation: TCN-2021-NCLT-03202. The case involves an application filed by the Resolution Professional (RP) upon the…

- **Court:** NCLT
- **Order date:** 28 Jan 2021
- **Citation:** TCN-2021-NCLT-03202
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/axiom-estates-advisory-services-private-limited-ia-ib-no-666-kb-2020-in-cp-ib-no-bdb07476

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, Axiom Estates Advisory Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by The Press Trust of India Limited (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had previously ordered the initiation of CIRP and appointed an Interim Resolution Professional (IRP).

## Facts

The Press Trust of India Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Axiom Estates Advisory Services Private Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed. A Committee of Creditors (CoC) was formed, initially with two and later three Operational Creditors. The CoC resolved that Axiom Estates Advisory Services Private Limited was not a going concern and decided to liquidate the company. In a meeting held on January 27, 2020, the CoC resolved to liquidate the Corporate Debtor. The CoC passed a resolution for liquidation with 97.47% voting share. The Resolution Professional then filed an application seeking liquidation. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Axiom Estates Advisory Services …

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

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**Reasoning:** The court reasoned that the CoC had resolved to liquidate the Corporate Debtor with

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CoC,

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**Application:** In this case, the CoC's decision to liquidate, supported by 97.47% voting

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** The Press Trust…
- **Respondents:** Axiom Estates…

## Timeline

- **2019-10-01 — Order for CIRP…**: The Adjudicating Authority ordered the initiation of the Corporate Insolvency Resolution…
- **2019-10-12 — Public Annou…**: Public announcement was made in Financial Express (English) and Aajkal (Bengali)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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