# In the matter of DBS Affordable Home Strategy Ltd. IA 770 of 2019 in CP(IB) 304-NCLT-AHM-2019

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00166. The application was filed under Section 33 & 34 of the IB Code. No EOI was received, and the…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dbs-affordable-home-strategy-ltd-ia-770-of-2019-in-cpib-304-nclt-ahm-2019-a6538232

## Summary

### Background

The application was filed under Section 33 & 34 of the IB Code. No EOI was received, and the COC deliberated that the Corporate Debtor does not have significant assets except book debts. The COC viewed revival and resolution as not feasible, leading to liquidation as the only viable option. The COC decided in its 7th meeting on 2020-09-30 to send the company under liquidation and authorized the RP to file an application for a liquidation order.

## Facts

The Applicant filed an application under Section 33 & 34 of the IB Code. No Expression of Interest (EOI) was received by the last date of submission. The Committee of Creditors (COC) determined that the Corporate Debtor lacked significant assets beyond book debts, rendering revival and resolution infeasible. Consequently, liquidation was deemed the only viable option. At its 7th meeting on 2020-09-30, the COC resolved to place the company under liquidation, authorizing the Resolution Professional (RP) to seek a liquidation order from the Adjudicating Authority. All operational creditors, numbering two, were present at the COC meeting. Mr. Shah Sanjay Rameshchandra, representing the Suspended Management, was also in attendance. The resolution for liquidation was

…

## Issues and analysis

### Issue 1: Whether the application filed by the RP for …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

…

**Reasoning:** The COC, after considering the lack of assets and the infeasibility of revival, resolved

…

**Interpretation:** Section 33 of the IBC provides the legal basis for the Adjudicating Authority

…

**Application:** The COC's decision to liquidate the Corporate Debtor, coupled with the absence

…

## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** DBS Affordable…; Agam Printers…

## Timeline

- **2020-09-30 — COC 7th M…**: The COC in its 7th meeting decided to send the company under liquidation and accordingly…
- **2020-12-03 — Order Da…**: The Adjudicating Authority passed an order for liquidation of the Corporate Debtor under…

## Legal provisions

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

---

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/dbs-affordable-home-strategy-ltd-ia-770-of-2019-in-cpib-304-nclt-ahm-2019-a6538232