# In the matter of Global Infonet Distribution Pvt. Ltd. I.A. 2783(PB)-2020 in Company Petition No. (IB) - 712(ND)-2019

> NCLT judgment dated 2020-08-21. Citation: TCN-2020-NCLT-00807. The case pertains to an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 21 Aug 2020
- **Citation:** TCN-2020-NCLT-00807
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-infonet-distribution-pvt-ltd-ia-2783pb-2020-in-company-petition-no-ib-712-f93ee554

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions to liquidate the Corporate Debtor, M/s. Global Infonet Distributions Private Limited. IBM India Pvt. Ltd., the Financial Creditor, had previously filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 03.03.2020. Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made in newspapers inviting claims from creditors. A Committee of Creditors (COC) was constituted. The IRP informed the COC that claims amounting to Rs. 34 Crores had been

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## Facts

IBM India Pvt. Ltd., the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Global Infonet Distribution Pvt. Ltd., the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 03.03.2020, and Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The IRP constituted a Committee of Creditors (COC). The IRP received claims amounting to Rs. 34 Crores, while the estimated liquidation value of the Corporate Debtor was approximately Rs. 2 Crores. No resolution plan was received, leading the COC to unanimously decide to file an application for liquidation. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed in the absence of …

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

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**Reasoning:** The Committee of Creditors (COC) unanimously decided to liquidate the Corporate Debtor

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if no resolution plan is

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**Application:** In this case, since no resolution plan was received and the COC voted for

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Appellants:** IBM India Private…
- **Respondents:** M/s Global…

## Timeline

- **2020-03-03 — CIRP Init…**: The Tribunal admitted the application filed by IBM India Pvt. Ltd. initiating CIRP…
- **2020-03-12 — Public Annou…**: The Interim Resolution Professional made a public announcement in newspapers inviting…

## 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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