# In the matter of Boss Profles Limited TCP-126-IB-CB-2017

> NCLT judgment dated 2018-01-24. Citation: TCN-2018-NCLT-01902. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Boss Profiles…

- **Court:** NCLT
- **Order date:** 24 Jan 2018
- **Citation:** TCN-2018-NCLT-01902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/boss-profles-limited-tcp-126-ib-cb-2017-73629259

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Boss Profiles Limited. The Resolution Professional (RP), Mr. V. Nagarajan, filed a memo before the Adjudicating Authority. During the Committee of Creditors (CoC) meetings, it was determined that no viable Corporate Resolution Plan could be formulated. Consequently, a resolution was proposed and considered for the liquidation of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Boss Profiles Limited. The Resolution Professional (RP), Mr. V. Nagarajan, filed a memo before the Adjudicating Authority. During the Committee of Creditors (CoC) meetings, it was determined that no viable Corporate Resolution Plan could be evolved. Mr. Shaikh Akhtar Ali, Ex Director of Boss Profiles Limited, opined that restarting the business was not feasible due to the condition of the plant and machinery and the heavy interest costs. The CoC recommended liquidation. The Adjudicating Authority, based on the affidavit filed by the RP and exercising powers under Section 33(1)(a) of the I&B Code, 2016, ordered the liquidation of the Corporate Debtor. The order also appointed Mr. V.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Boss Profiles Limited, should be liquidated due to the failure …

**Ratio:** Section 33(1)(a) of the I&B Code, 2016, allows the Adjudicating Authority to order

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**Reasoning:** The Committee of Creditors (CoC) determined that no viable resolution plan could be

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**Interpretation:** Section 33(1)(a) provides a legal basis for liquidation when resolution efforts

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**Application:** In this case, the CoC's determination that no viable resolution plan could be

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Shri.V.Nag…
- **Respondents:** M/s. Boss…
- **Advocates:** Ambili…

## Timeline

- **2017-09-05 — Order Da…**: Initial order date related to…
- **2017-09-12 — CoC Meet…**: Meeting where it was stated that…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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