# In the matter of Excel Glasses Ltd. M.A. No. 7-KOB-2019 in IBA 258-Chennai Bench

> NCLT judgment dated 2019-10-21. Citation: TCN-2019-NCLT-00893. The case pertains to an application filed by Ravindra Chaturvedi, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 21 Oct 2019
- **Citation:** TCN-2019-NCLT-00893
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/excel-glasses-ltd-ma-no-7-kob-2019-in-iba-258-chennai-bench-ae8cb516

## Summary

### Background

The case pertains to an application filed by Ravindra Chaturvedi, the Resolution Professional, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Excel Glasses Limited. The NCLT, Chennai Bench had previously admitted an application under Section 7 of the IB Code, 2016, filed by the Financial Creditor, Boon Investment and Trading Company Private Limited, against Excel Glasses Limited. The applicant was appointed as the Interim Resolution Professional. Public announcements were made, claims were received from creditors, and a Committee of Creditors (CoC) was formed. The CoC appointed the applicant as the Resolution Professional. Forensic audits were conducted, and the RP prepared an information memorandum. The

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## Facts

Boon Investment and Trading Company Private Limited, the Financial Creditor, initiated insolvency proceedings against Excel Glasses Limited, the Corporate Debtor. The NCLT, Chennai Bench admitted the application under Section 7 of the IB Code, 2016. Ravindra Chaturvedi was appointed as the Interim Resolution Professional and later as the Resolution Professional. Public announcements were made, and claims were received from Financial and Operational Creditors. The Committee of Creditors (CoC) was formed, and meetings were held. A forensic audit was conducted. Despite efforts to invite resolution plans, none were received within the 180-day CIRP period, which expired on 23.09.2019. Consequently, the CoC decided to liquidate the Corporate Debtor. The applicant, Ravindra

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Excel Glasses Limited, should be liquidated under Section 33(1)(a) of …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The court considered that the 180-day CIRP period had expired on 23.09.2019, and no

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**Interpretation:** Section 33(1)(a) provides a mandatory direction for liquidation when no

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**Application:** Since no resolution plan was received within the CIRP period, and the CoC had

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Appellants:** Ravindra Chaturved…
- **Respondents:** Excel Glasses…

## Timeline

- **2019-03-26 — Admission of Application…**: The NCLT, Chennai Bench admitted the application filed under Section 7 of IB Code, 2016…
- **2019-03-29 — Public Annou…**: The applicant made a public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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