# 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-00534. The case pertains to the corporate insolvency resolution process (CIRP) of Exit 10 Marketing…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00534
- **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-2018-934cddbc

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Exit 10 Marketing Pvt. Ltd. initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC) based on an application filed by Mr. Sandeep Vij, proprietor of Top Trade. The application was admitted on 2018-09-14, and the CIRP was initiated. Kapil Dev Taneja was appointed as the resolution professional (RP). The RP submitted progress reports, and meetings of the Committee of Creditors (CoC) were held. The RP prepared the Information Memorandum and published the Expression of Interest. In the 8th CoC meeting held on 2019-06-06, the resolution plan submitted by WoW E-Carts Pvt. Ltd. was approved by the CoC with 100% votes.

## Facts

Mr. Sandeep Vij, proprietor of Top Trade, filed an application under Section 9 of the IBC against Exit 10 Marketing Pvt. Ltd. ('CD'). The application was admitted on 2018-09-14, initiating the CIRP. Kapil Dev Taneja was appointed as the resolution professional. The CD is an online e-commerce company operating a web portal and offering an online marketplace for over-stock, unboxed, and refurbished products. The company faced insolvency due to its inability to recover receivables after strategic expansion between 2008 and 2012. The resolution plan submitted by WoW E-Carts Pvt. Ltd. was approved by the CoC with 100% votes. The plan includes debt reduction, relief from liabilities, and offloading unproductive assets. A financial proposal of Rs. 15,00,000/- was made for

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by WoW E-Carts Pvt. Ltd. complies with the provisions of the …

**Ratio:** Section 30 of the IBC and Regulation 38 of the IBBI (Insolvency Resolution Process for

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**Reasoning:** The Tribunal examined the resolution plan to ensure compliance with Section 30 and

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**Interpretation:** Section 30 and Regulation 38 are interpreted to ensure that a resolution plan

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**Application:** The Tribunal applied the provisions of Section 30 and Regulation 38 to the

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** Sandeep…
- **Respondents:** Exit 10 Marketing…

## Timeline

- **2018-09-14 — Application A…**: Tribunal admitted the application filed under Section 9 of the Code by Mr. Sandeep Vij…
- **2019-06-06 — 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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