# In the matter of Fearless Media Private Limited M. A. 3626-2019 In  C.P. 2282/-&BP-NCLT-MAH-2019

> NCLT judgment dated 2019-11-26. Citation: TCN-2019-NCLT-00440. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 26 Nov 2019
- **Citation:** TCN-2019-NCLT-00440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fearless-media-private-limited-m-a-3626-2019-in-cp-2282-bp-nclt-mah-2019-a4c43345

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Fearless Media Private Limited. An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by an Operational Creditor, Mastermind Events & Décor Private Limited. Rajeev Nandkishore Bhatia was appointed as the Interim Resolution Professional (IRP).

## Facts

Mastermind Events & Décor Private Limited initiated CIRP against Fearless Media Private Limited. Rajeev Nandkishore Bhatia was appointed as IRP. Public announcement was made on 23.08.2019, fixing 06.09.2019 as the last date for submission of claims, but no claims were received. An interlocutory application was filed on 16.09.2019. The CoC was constituted on 15.10.2019, comprising operational creditors only. The first CoC meeting was held on 24.10.2019, where the IRP presented the financial position of the Corporate Debtor from 31.03.2016 to 31.03.2019. The CoC unanimously decided to liquidate the Corporate Debtor, which was approved by 100% of voting. The Resolution Professional filed an application seeking the liquidation order and appointment of Rajeev N. Bhatia

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated as …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of

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**Reasoning:** The CoC, after reviewing the financial position of the Corporate Debtor, unanimously

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**Interpretation:** Section 33(2) grants the CoC the authority to decide on the liquidation of the

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**Application:** The CoC's decision to liquidate Fearless Media Private Limited was based on the

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Respondents:** Fearless Media…

## Timeline

- **2019-08-16 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **2019-08-23 — Public Annou…**: Public announcement was issued in 'Financial Express' and 'Navrashtra' newspapers…

## Legal provisions

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

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