# In the matter of Exit 10 Advertising Pvt. Ltd. C.A. - 786-(ND)-2019 in C.P. No. IB-1107-(ND)-2018

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00529. The application was filed under Section 9 of the Code by Mr. Sandeep Vij, sole proprietor of…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/exit-10-advertising-pvt-ltd-ca-786-nd-2019-in-cp-no-ib-1107-nd-2018-7a07b945

## Summary

### Background

The application was filed under Section 9 of the Code by Mr. Sandeep Vij, sole proprietor of Top Trade, against the corporate debtor Exit 10 Marketing Pvt. Ltd. The Tribunal admitted the application and ordered the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor.

## Facts

The National Company Law Tribunal, New Delhi, Bench-III, admitted an application filed under Section 9 of the Code by Mr. Sandeep Vij, sole proprietor of Top Trade, against Exit 10 Marketing Pvt. Ltd. on September 14, 2018. This admission initiated the Corporate Insolvency Resolution Process (CIRP) for the corporate debtor. Mr. Kapil Dev Taneja was appointed as the interim resolution professional. The Resolution Professional (RP) submitted progress reports and conducted meetings of the Committee of Creditors (CoC) as per the Code. The RP prepared the Information Memorandum and published the Expression of Interest. In the 8th CoC meeting held on June 6, 2019, the resolution plan submitted by WoW E-Carts Pvt. Ltd. (RA) was approved by the CoC with 100% votes in favor.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by WoW E-Carts Pvt. Ltd. for Exit 10 Marketing Pvt. Ltd. …

**Ratio:** A resolution plan that complies with all statutory requirements under the Insolvency and

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**Reasoning:** The Tribunal examined the resolution plan against the requirements of Section 30(1),

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**Interpretation:** The Tribunal interpreted the various sections and regulations of the Code and

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**Application:** The resolution plan submitted by WoW E-Carts Pvt. Ltd. was found to have

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** Sandeep…; Kapil Dev Taneja…
- **Respondents:** Exit 10 Marketing…; Exit 10 Marketing…
- **Advocates:** Milan Sing…; Sumit N…; +1 more

## Timeline

- **September 14, 2018 — Application A…**: The Tribunal admitted the application filed under Section 9 of the Code by Mr. Sandeep…
- **June 6, 2019 — Resolution Plan…**: In the 8th CoC meeting, the resolution plan submitted by WoW E-Carts Pvt. Ltd. was…

## 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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