# In the matter of Glopore IM Services Private Limited IA No.672/2019 in C.P. (IB)No. 206-BB-2018

> NCLT judgment dated 2019-12-18. Citation: TCN-2019-NCLT-00109. The case involves a petition filed by M/s. Glopore IM Services Pvt. Ltd. (Corporate Applicant)…

- **Court:** NCLT
- **Order date:** 18 Dec 2019
- **Citation:** TCN-2019-NCLT-00109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-private-limited-ia-no6722019-in-cp-ibno-206-bb-2018-e298c8f7

## Summary

### Background

The case involves a petition filed by M/s. Glopore IM Services Pvt. Ltd. (Corporate Applicant) under Section 10 of the IBC, 2016, seeking initiation of CIRP due to a default of Rs. 6,51,64,491/-. The Adjudicating Authority admitted the petition on 2019-06-26 and appointed Shri Venkataraman Jayagopal as the IRP. The IRP was later appointed as RP. The Committee of Creditors (CoC) resolved to file an IA for liquidation under Section 33(2) of the IB Code, as the company had no fixed assets except an intangible asset with no market value. The CoC then resolved for dissolution of the Corporate Debtor.

## Facts

M/s. Glopore IM Services Pvt. Ltd. (Corporate Applicant) filed a petition under Section 10 of the IBC, 2016, due to a default of Rs. 6,51,64,491/-. The petition was admitted on 2019-06-26, and Shri Venkataraman Jayagopal was appointed as IRP and later as RP. The time limit for completion of the Insolvency Resolution Process was December 23rd, 2019. The Committee of Creditors (CoC) resolved to file an IA for liquidation under Section 33(2) of the IB Code because the company had no fixed assets except an intangible asset with no market value. The CoC held meetings on 2019-12-11 to consider the resolution for dissolution. The Resolution Professional filed a report on the assets and liabilities of the company as of 2019-06-26. The company's assets included cash and cash

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## Issues and analysis

### Issue 1: Whether the liquidation process was …

**Ratio:** The ratio is based on the extant provisions of the Insolvency and Bankruptcy Code (IBC)

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**Reasoning:** The court reasoned that the Liquidator followed the due process of liquidation as per the

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**Interpretation:** The interpretation involves understanding the specific sections and rules of

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**Application:** In this specific case, the court applied the ratio by examining the actions

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s.Glopore IM…

## Timeline

- **2018-01-01 — Company Petiti…**: C.P.(IB)No.206/BB/2018…
- **2019-06-26 — Petition Admission and…**: Petition admitted; Shri…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-private-limited-ia-no6722019-in-cp-ibno-206-bb-2018-e298c8f7