# In the matter of FE (India) Ltd. (IB)-487(ND)2018

> NCLT judgment dated 2019-04-12. Citation: TCN-2019-NCLT-03943. CA 343/2019 was filed by the IRP under Section 33(1) of the Code, seeking directions for…

- **Court:** NCLT
- **Order date:** 12 Apr 2019
- **Citation:** TCN-2019-NCLT-03943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fe-india-ltd-ib-487nd2018-96a78296

## Summary

### Background

CA 343/2019 was filed by the IRP under Section 33(1) of the Code, seeking directions for liquidating the assets of the Corporate Debtor. The RP's counsel submitted that notice of the application was served on the ex-directors. The COC resolved to seek directions from the Bench to move for liquidation because no resolution plan was received. The resolution period of 270 days had expired on 2019-02-12.

## Facts

CA 343/2019 was filed by the Interim Resolution Professional (IRP) under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) seeking directions for liquidating the assets of the Corporate Debtor. The RP's counsel stated that the ex-directors were served notice of the application. The Committee of Creditors (COC) resolved to seek directions from the NCLT to initiate liquidation proceedings because no resolution plan was received within the 270-day resolution period, which expired on 2019-02-12. The RP's affidavit, approved by the COC as the liquidator, was annexed to the application. The court appointed Mr. Nitesh Sharma, the RP, as the liquidator.

## Issues and analysis

### Issue 1: Whether the assets of the Corporate Debtor should be put up for liquidation in the absence of a …

**Ratio:** Section 33(1)(a) of the IBC stipulates that if no resolution plan is received within the

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**Reasoning:** The court reasoned that since no resolution plan was received and the resolution period

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that liquidation is the

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**Application:** The court applied Section 33(1)(a) to the facts of the case, noting that the

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Shakti Clearing…

## Timeline

- **2019-02-06 — COC Meet…**: The COC resolved to seek directions from…
- **2019-02-12 — Expiration of…**: The 270-day resolution…

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