# In the matter of Hallmark Living Space Private Limited MA 303-2018 in CP-577-IB-CB-2017

> NCLT judgment dated 2018-08-17. Citation: TCN-2018-NCLT-00931. The case involves an application (MA/303/2018) filed in CP/577/IB/CB/2017 by the Resolution…

- **Court:** NCLT
- **Order date:** 17 Aug 2018
- **Citation:** TCN-2018-NCLT-00931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hallmark-living-space-private-limited-ma-303-2018-in-cp-577-ib-cb-2017-0b37ba5c

## Summary

### Background

The case involves an application (MA/303/2018) filed in CP/577/IB/CB/2017 by the Resolution Professional, Mr. S. Dhanapal, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the Corporate Debtor, M/s. Hallmark Living Space Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the I&B Code, 2016, by the Operational Creditor, M/s. Larsen & Toubro Limited, which was admitted on 26.09.2017. Despite efforts to find a resolution plan, none were received within the stipulated time.

## Facts

M/s. Larsen & Toubro Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Hallmark Living Space Private Limited, the Corporate Debtor, under Section 9 of the I&B Code, 2016. The application was admitted on 26.09.2017, and CIRP was initiated. Mr. S. Dhanapal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoCs) was constituted, and in its first meeting on 25.10.2017, they proposed to appoint Mr. S. Dhanapal as the Resolution Professional. Invitations for Expression of Interest (EoI) were advertised on 26.12.2017 and 28.12.2017, with a submission deadline of 18.01.2018. One Resolution Applicant showed interest, but no Resolution Plan was received. The CoCs approved an

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Hallmark Living Space Private Limited, should be liquidated …

**Ratio:** Section 33(1)(a) of the I&B Code, 2016, stipulates that if no resolution plan is

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**Reasoning:** The Adjudicating Authority noted that despite multiple invitations for Expression of

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**Interpretation:** Section 33(1)(a) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the Corporate Debtor failed to attract any viable resolution

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** Hallmark Living…
- **Advocates:** A.M.El…

## Timeline

- **2017-09-26 — Admission of CIRP…**: The application under Section 9 of the I&B Code, 2016, filed by M/s. Larsen & Toubro…
- **2017-10-25 — First Meeting…**: The Committee of Creditors (CoCs) held its first meeting and proposed the appointment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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