# In the matter of Baywatch Shelters Private Limited MA-581-2019 in CP-637-IB-2018

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01488. The application was filed under section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01488
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/baywatch-shelters-private-limited-ma-581-2019-in-cp-637-ib-2018-0e70067d

## Summary

### Background

The application was filed under section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016 by the Resolution Professional (RP) seeking a liquidation order based on a resolution passed by the Committee of Creditors (CoC) in its 3rd meeting. The CoC, with a sole member, had 100% voting in favor of liquidation. The Corporate Debtor had no assets worth mentioning.

## Facts

The Resolution Professional (RP) of Baywatch Shelters Private Limited filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order. The Committee of Creditors (CoC) had passed a resolution for liquidation with 100% voting in its 3rd meeting, held on 11.07.2019. The CoC had only one member. The Corporate Debtor, Baywatch Shelters Private Limited, had no assets worth mentioning. The application CP/637/IB/2018 was admitted on 20.03.2019. Dhiren Shantilal Shah was the Resolution Professional representing the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated based on the resolution passed by the Committee …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016 allows for the initiation

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**Reasoning:** The court observed that the CoC had passed a resolution with 100% voting in favor of

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if the CoC approves

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**Application:** The court applied this ratio to the facts of the case, noting the CoC's

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** Baywatch Shelters…

## Timeline

- **2018-01-01 — CP/637/IB/201…**: Corporate Insolvency…
- **2019-03-20 — CP/637/IB/2018…**: Application CP/637/IB/20…

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