# In the matter of Connexions Retail Stores Private Limited MA-947-2019 in CP-1414-IB-2018

> NCLT judgment dated 2019-12-30. Citation: TCN-2019-NCLT-00011. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Dec 2019
- **Citation:** TCN-2019-NCLT-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/connexions-retail-stores-private-limited-ma-947-2019-in-cp-1414-ib-2018-015dc88c

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding M/s. Connexions Retail Stores Private Limited. The Resolution Professional (RP) sought a liquidation order based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated, and a public announcement was made. Claims were received from various creditors. The RP determined the liquidation value and prepared an Information Memorandum. Despite inviting expressions of interest, no resolution plan was received. The CoC approved the resolution for liquidation. A financial creditor, Deutsche Bank, raised objections regarding the appointment of the RP as Liquidator.

## Facts

M/s. Connexions Retail Stores Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. An application was filed under section 33(2) seeking a liquidation order. Public announcements were made, and claims were received from various creditors, including financial creditors (banks, institutions, related parties, individual-unrelated), operational creditors, employees, and statutory authorities. The Resolution Professional (RP) was appointed and determined the liquidation value. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) approved the resolution for liquidation. Deutsche Bank, a financial creditor, objected to the appointment of the existing RP as Liquidator. The CoC failed

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## Issues and analysis

### Issue 1: Whether the existing Resolution Professional (RP) can be appointed as Liquidator in the liquidation …

**Ratio:** According to Sec.34(1) of the IBC, 2016, if the Resolution Professional gives written

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**Reasoning:** The court reasoned that since no proposal was made for the replacement of the RP to

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**Interpretation:** The interpretation of Sec.34(1) of the IBC, 2016, allows for the appointment of

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**Application:** In this case, the RP orally consented to act as Liquidator, and the CoC did not

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…; +2 more
- **Respondents:** Connexions Retail…
- **Advocates:** B. Ramana…; A.G. Sathyanarayan…

## Timeline

- **2019-08-19 — CoC Meet…**: 5th meeting of CoC held, resolution passed…
- **2019-03-27 — Admission of CP/1414/IB/…**: CP/1414/IB/2018 was…

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