# In the matter of Futuristic Offshore Services Chemical Ltd. MA 167-2018 In CP 1052-I&BC-2017

> NCLT judgment dated 2018-04-09. Citation: TCN-2018-NCLT-01579. The Resolution Professional filed Miscellaneous Application 167/2018 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 9 Apr 2018
- **Citation:** TCN-2018-NCLT-01579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/futuristic-offshore-services-chemical-ltd-ma-167-2018-in-cp-1052-ibc-2017-4e94cf46

## Summary

### Background

The Resolution Professional filed Miscellaneous Application 167/2018 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation of the Corporate Debtor. This was due to the Committee of Creditors (COC) passing a resolution on 27.02.2018 to get the approval of the Bench for a liquidation order as per Section 33 of the Code. A Section 10 Petition filed by the Corporate Debtor had been admitted on 12.06.2017, after which the IRP issued a public announcement under Section 15 of the IB Code, inviting claims from creditors. The COC, comprising financial creditors, was constituted after verifying and admitting the claims. A COC meeting on 17.07.2017 unanimously approved the resolution allowing the IRP to continue as Resolution

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## Facts

The Resolution Professional (RP) filed MA 167/2018 seeking liquidation of Futuristic Offshore Services Chemical Ltd, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor's Section 10 petition was admitted on 12.06.2017, leading the Interim Resolution Professional (IRP) to issue a public announcement under Section 15 of the IBC, inviting creditor claims. A Committee of Creditors (COC) was formed after verifying these claims. A COC meeting on 17.07.2017 unanimously approved the IRP's continuation as RP. The RP appointed two registered valuers, who submitted valuation reports on 13.10.2017 and 25.10.2017. The RP determined the average valuation to be Rs. 26,74,62,000. Despite publishing an expression of interest

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

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

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**Reasoning:** The court considered the COC's resolution passed on 27.02.2018, which favored liquidation

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**Interpretation:** Section 33(2) provides a mechanism for initiating liquidation when resolution

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**Application:** Since the COC approved liquidation and no resolution plan was filed, the

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## Parties

- **Judges:** B.S.V. Prakash…; RavikumarDu…
- **Appellants:** Jayashree Shukla…
- **Respondents:** Futuristic…

## Timeline

- **2017-06-12 — Section 10 Petition…**: Section 10 Petition filed by the…
- **2017-06-12 — IRP Issues Public…**: IRP issued public announcement under Section 15 of the IB Code, inviting claims from the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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