# In the matter of Dev Blessing Traders Private Limited MA 819-2018 In CP No. 1284-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-10-26. Citation: TCN-2018-NCLT-00487. The case pertains to CP No. 1284/IBC/NCLT/MB/MAH/2017 filed under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 26 Oct 2018
- **Citation:** TCN-2018-NCLT-00487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dev-blessing-traders-private-limited-ma-819-2018-in-cp-no-1284-ibc-nclt-mb-mah-2-aa9b05bc

## Summary

### Background

The case pertains to CP No. 1284/IBC/NCLT/MB/MAH/2017 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Central Bank of India (Financial Creditor) against M/s. Dev Blessing Traders Private Limited (Corporate Debtor). The petition was admitted on 2017-12-01, and Mr. Tejas Jatin Parikh was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 2017-12-16 and 2017-12-17. The IRP received only one claim from the Central Bank of India amounting to ₹5,41,57,322. The Committee of Creditors (CoC) was formed with Central Bank of India as the sole member. The CoC conducted six meetings. The Corporate Debtor had not filed financials with the RoC and had limited fixed assets. The CoC decided to go for liquidation due to the lack

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## Facts

M/s. Dev Blessing Traders Private Limited (Corporate Debtor) faced insolvency proceedings initiated by Central Bank of India (Financial Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor's petition was admitted on 2017-12-01. The IRP, Mr. Tejas Jatin Parikh, made public announcements on 2017-12-16 and 2017-12-17. The Financial Creditor's claim amounted to ₹5,41,57,322. The Corporate Debtor had limited assets, valued at approximately ₹73,813 as of 2014-03-31. The CoC, consisting solely of Central Bank of India, voted for liquidation on 2018-05-28 due to the absence of a viable resolution plan. The Financial Creditor is also pursuing actions against the personal guarantors of the Corporate Debtor under the SARFAESI Act, 2002, as

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the CoC's decision and the lack of a …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code allows for liquidation when the CoC

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**Reasoning:** The CoC, consisting of the sole Financial Creditor, determined that there was no

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** Given the CoC's decision and the absence of a resolution plan, the NCLT

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** M/s. Dev Blessing…

## Timeline

- **2017-12-01 — Admission of…**: The petition filed by Central Bank of India against M/s. Dev Blessing Traders Private…
- **2017-12-16 — Public Annou…**: Public announcement was made by the IRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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