# In the matter of Glopore IM Services Pvt. Ltd. I.A No. 596-2019 in CP(IB)No. 206-BB-2018

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00527. The case involves I.A.No.596/2019 in C.P.(IB)No.206/BB/2018, filed by the Resolution…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-pvt-ltd-ia-no-596-2019-in-cpibno-206-bb-2018-272bd9f5

## Summary

### Background

The case involves I.A.No.596/2019 in C.P.(IB)No.206/BB/2018, filed by the Resolution Professional, Shri Venkataraman Jayagopal, seeking to liquidate the Corporate Debtor. The application is made under Regulation 33 (2) R/w Section 60 (5) of IBC, 2016, based on a decision by the Committee of Creditors (CoC) during their meeting on November 11, 2019, under Section 33 (2) of the Code, to initiate liquidation and issue a public announcement stating the Corporate Debtor is in liquidation.

## Facts

The Resolution Professional, Shri Venkataraman Jayagopal, filed I.A.No.596/2019 in C.P.(IB)No.206/BB/2018 seeking liquidation of the Corporate Debtor, M/s Glopore IM Services Pvt Ltd, based on the decision of the Committee of Creditors (CoC) during their meeting on November 11, 2019. The application was filed under Regulation 33 (2) R/w Section 60 (5) of IBC, 2016. The CoC's decision was made under Section 33 (2) of the Code. The court observed that the CoC had not yet taken a decision to appoint a Resolution Professional as Liquidator. Shri K. Krishnappa appeared as learned Standing Counsel for ESIC. The application was disposed of as withdrawn, with liberty to file a fresh application. The case was posted on 04.12.2019.

## Issues and analysis

### Issue 1: Whether the application for liquidation can be approved when the Committee of Creditors (CoC) has …

**Ratio:** The appointment of a Liquidator by the CoC is a prerequisite for initiating liquidation

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**Reasoning:** The court reasoned that the CoC's failure to appoint a Liquidator renders the application

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**Interpretation:** This interprets the IBC to mean that the CoC must actively participate in the

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**Application:** In this case, since the CoC had not yet appointed a Liquidator, the court could

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## Parties

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

## Timeline

- **2019-11-11 — CoC Meet…**: Committee of Creditors (CoC) meeting held where the decision to liquidate the Corporate…
- **2019-11-20 — Hearing…**: Hearing of the case…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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