# In the matter of Compact Lamps Pvt. Ltd. (IB)-1372(PB)-2018

> NCLT judgment dated 2019-10-31. Citation: TCN-2019-NCLT-00768. The case involves M/s. Captain Offset Printers V/s. M/s. Compacts Lamps Pvt. Ltd. before the…

- **Court:** NCLT
- **Order date:** 31 Oct 2019
- **Citation:** TCN-2019-NCLT-00768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/compact-lamps-pvt-ltd-ib-1372pb-2018-5b77ed0c

## Summary

### Background

The case involves M/s. Captain Offset Printers V/s. M/s. Compacts Lamps Pvt. Ltd. before the National Company Law Tribunal (NCLT), New Delhi Bench. The matter pertains to Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor's counsel prepared details of sundry debtors, but it was only partial compliance. The Resolution Professional (RP) sought disposal of CA-1373/19 under Section 33(1)(A) of the Code. No resolution plan was received, and an expression of interest was withdrawn. The Corporate Insolvency Resolution (CIR) period expired, leading to consideration of liquidation.

## Facts

The case involves M/s. Captain Offset Printers V/s. M/s. Compacts Lamps Pvt. Ltd. under Section 9 of the IBC, 2016. The Corporate Debtor's counsel provided details of sundry debtors, but it was deemed only partial compliance. The RP sought disposal of CA-1373/19 under Section 33(1)(A) of the Code. No resolution plan was received, and an expression of interest was withdrawn. The CIR period expired. The RP/Liquidator submitted that there is no reconciliation of accounts with EESL. The court directed the assets of the Corporate Debtor to be liquidated. Ms. Deepika Prasad Bhugra, the RP, was recommended and confirmed as the liquidator. The CoC approved her fees. The Statutory Auditor/R-4 appeared and was discharged for the moment but directed to provide full cooperation

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## Issues and analysis

### Issue 1: Whether the application for liquidation should be allowed given the absence of a resolution plan …

**Ratio:** When the CIR period expires and no resolution plan is approved or forthcoming,

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**Reasoning:** The court reasoned that since the CIR period had expired and no resolution plan was

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**Interpretation:** The IBC mandates a time-bound resolution process. If this process fails,

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**Application:** Given the facts that no resolution plan was received and the CIR period had

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Appellants:** M/s. Captain…
- **Respondents:** M/s. Compacts…
- **Advocates:** Mrinali P…; Vikas S…; +5 more

## Timeline

- **2019-10-31 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-11-18 — Next Hearin…**: Matter to come up for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/compact-lamps-pvt-ltd-ib-1372pb-2018-5b77ed0c