# In the matter of Ideal Printographics Pvt. Ltd.
IA-824-2020 in IB-711-ND-2018

> NCLT judgment dated 2020-10-08. Citation: TCN-2020-NCLT-00432. The present application was filed on behalf of the Resolution Professional (RP) seeking an…

- **Court:** NCLT
- **Order date:** 8 Oct 2020
- **Citation:** TCN-2020-NCLT-00432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ideal-printographics-pvt-ltd-ia-824-2020-in-ib-711-nd-2018-78dd4a57

## Summary

### Background

The present application was filed on behalf of the Resolution Professional (RP) seeking an order for liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had resolved to liquidate the Corporate Debtor in a meeting held on December 19, 2019, due to the lack of expressions of interest after the publication of an invitation in Form G. The RP submitted that the Corporate Debtor had no operations or fixed assets of significant value. The CoC requested the RP not to spend further time and resources on the Corporate Insolvency Resolution Process (CIRP) and instead file an application with the National Company Law Tribunal (NCLT) for initiating liquidation proceedings. The CoC approved the filing of the application with a

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## Facts

M/s. Puneet Steels & Alloys Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Ideal Printographics Pvt. Ltd. The Resolution Professional (RP) filed an application seeking an order for liquidation under Section 33 of the IBC. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to the lack of expressions of interest after the publication of an invitation in Form G. The Corporate Debtor had no operations or fixed assets of significant value. The CoC approved the filing of the application with a 73.09% vote share. The invitation for expression of interest was invited on 09.10.2019 in the newspaper, then no expression of interest has been received. The CoC in its 5th meeting dated 19.12.2019 took note of the fact

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC should be approved given the …

**Ratio:** Section 33(2) of the IBC, along with the explanation inserted on August 16, 2019, allows

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**Reasoning:** The court reasoned that since no expression of interest was received after the

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**Interpretation:** Section 33(2) of the IBC provides a mechanism for the CoC to initiate

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was made due

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s. Puneet…
- **Respondents:** Ideal Printographi…

## Timeline

- **2019-09-28 — Approval of Invitation for Expression of…**: The Committee of Corporate Debtor approved the invitation for expression of interest in…
- **2019-10-09 — Invitation for…**: Invitation for expression of…

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