# In the matter of Kohinoor Precision Component Ltd. IA NO.1507/2020 In CP NO.2323/MB/2018

> NCLT judgment dated 2020-09-30. Citation: TCN-2020-NCLT-00490. IA No. 1507 of 2020 in CP 2323 of 2018 was filed under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Sept 2020
- **Citation:** TCN-2020-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kohinoor-precision-component-ltd-ia-no15072020-in-cp-no2323mb2018-01403000

## Summary

### Background

IA No. 1507 of 2020 in CP 2323 of 2018 was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor Company. The Committee of Creditors (CoC) had previously discussed and passed a resolution for the liquidation with 100% voting in a meeting held on September 11, 2020.

## Facts

An application, IA No. 1507 of 2020, was filed in CP 2323 of 2018 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor Company. The Committee of Creditors (CoC) had convened on September 11, 2020, and passed a resolution with 100% voting to liquidate the Corporate Debtor Company. The CoC also decided to appoint Mrs. Anagha Anasingaraju as the liquidator and agreed to pay her a fee of Rs. 15 lakhs plus GST, along with reimbursement of expenses. The CoC approved this arrangement with 100% voting. The court then considered IA No. 1507 of 2020 to initiate the liquidation process.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor Company, as per the resolution …

**Ratio:** The court must consider the resolution passed by the CoC and the provisions of the IBC to

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**Reasoning:** The CoC, representing the creditors, had already voted in favor of liquidation with 100%

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**Interpretation:** Section 33(2) of the IBC allows for the initiation of liquidation proceedings

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**Application:** Given the CoC's resolution and the provisions of the IBC, the court approved

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## Parties

- **Judges:** Chandra Bha…; SUCHITRA KANUPARTH…; +1 more

## Timeline

- **2020-09-11 — CoC Meet…**: The CoC held a meeting and passed a resolution for the liquidation of the Corporate…
- **2020-09-30 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

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