# 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-00101. The case pertains to C.P.(IB)No.206/BB/2018 filed by M/s. Glopore IM Services Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 18 Dec 2019
- **Citation:** TCN-2019-NCLT-00101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-private-limited-ia-no6722019-in-cp-ibno-206-bb-2018-f2fe8b38

## Summary

### Background

The case pertains to C.P.(IB)No.206/BB/2018 filed by M/s. Glopore IM Services Pvt. Ltd. (Corporate Applicant) under Section 10 of the IBC, 2016, seeking initiation of CIRP. The Adjudicating Authority admitted the petition on 2019-06-26 and appointed Shri Venkataraman Jayagopal as IRP. The IRP was later appointed as RP. Due to the company's lack of assets, the CoC resolved to file for liquidation under Section 33(2) of the IB Code. The CoC approved filing an application before the NCLT for dissolution of the Corporate Debtor.

## Facts

M/s. Glopore IM Services Pvt. Ltd. filed C.P.(IB)No.206/BB/2018 under Section 10 of the IBC, 2016, seeking initiation of CIRP due to a default of Rs.6,51,64,491/-. The NCLT admitted the petition on 2019-06-26 and appointed Shri Venkataraman Jayagopal as IRP. The IRP was later appointed as RP. The company had very few assets. The Committee of Creditors (CoC) resolved to file for liquidation under Section 33(2) of the IB Code. The CoC approved filing an application before the NCLT for dissolution of the Corporate Debtor. The Resolution Professional filed a report on the assets and liabilities of the company. The liquidation process was deemed to have completed under Chapter III of Part II of Code. The NCLT considered the facts and circumstances and ordered the

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## Issues and analysis

### Issue 1: Whether the liquidation process was conducted as per …

**Ratio:** The extant provisions of the Code and the rules were followed by the Liquidator to

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**Reasoning:** The court considered the report of the Resolution Professional and the fact that the

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**Interpretation:** The court interpreted the provisions of the IBC and related rules to ensure

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**Application:** The court applied the ratio to the specific facts of the case, noting that the

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## Parties

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

## Timeline

- **2018-01-01 — Filing of Company…**: C.P.(IB)No.206/BB/2018 filed by…
- **2019-06-26 — Admission of…**: The Adjudicating Authority admitted the Petition and appointed Shri Venkataraman…

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