# In the matter of Italian Exposition Pvt. Ltd. (IB)-1717(ND)2018

> NCLT judgment dated 2019-07-15. Citation: TCN-2019-NCLT-02522. An application CA 887/2019 was filed by the Resolution Professional (RP) invoking Section 33 of…

- **Court:** NCLT
- **Order date:** 15 Jul 2019
- **Citation:** TCN-2019-NCLT-02522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/italian-exposition-pvt-ltd-ib-1717nd2018-15df3fec

## Summary

### Background

An application CA 887/2019 was filed by the Resolution Professional (RP) invoking Section 33 of the Insolvency & Bankruptcy Code (IBC). The Committee of Creditors (COC) resolved on 2019-06-17 that there were no fixed assets of the Corporate Debtor, and the RP should file an application to proceed towards liquidation. The proposal was item 5 on the agenda.

## Facts

The Resolution Professional (RP) filed an application (CA 887/2019) under Section 33 of the Insolvency & Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Italian Exposition Pvt. Ltd. The Committee of Creditors (COC) had resolved on 2019-06-17 that the Corporate Debtor had no fixed assets. The RP's application was supported by an affidavit. The petition was filed under Section 10 of the IBC. Mr. Satinder Kapur, the Resolution Professional, consented to act as Liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation should be allowed given the COC's resolution that the …

**Ratio:** When the COC has resolved that the Corporate Debtor has no fixed assets and has approved

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**Reasoning:** The court considered the facts and circumstances of the case and found no legal

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**Interpretation:** This implies that the court gives significant weight to the COC's decision

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**Application:** The court applied the ratio to the facts of the case, noting the COC's

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** M/s. Italian…; Praveen Kumar…

## Timeline

- **2019-06-17 — COC Meet…**: The Committee of Creditors (COC) convened a meeting and resolved that there were no fixed…
- **2019-07-15 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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