# In the matter of Lanna Wellness Pvt. Ltd. IA NO. 1532 OF 2020 In CP(IB) 3608-I&BP-2019

> NCLT judgment dated 2020-10-26. Citation: TCN-2020-NCLT-00337. The case involves an application filed by the Resolution Professional (RP). The Corporate…

- **Court:** NCLT
- **Order date:** 26 Oct 2020
- **Citation:** TCN-2020-NCLT-00337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanna-wellness-pvt-ltd-ia-no-1532-of-2020-in-cpib-3608-ibp-2019-aaf97f43

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP). The Corporate Insolvency Resolution Process (CIRP) against Lanna Wellness Pvt Ltd commenced on December 16, 2019. In the second meeting of the Committee of Creditors (CoC) held on August 19, 2020, a resolution was passed to initiate the liquidation process due to the absence of realizable assets. The CoC approved the initiation of liquidation and directed the RP to file an interlocutory application seeking further direction and order under sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code (IBC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Lanna Wellness Pvt Ltd commenced on 16.12.2019. During the 2nd meeting of the Committee of Creditors (CoC) held on 19.08.2020, it was resolved that the company should undergo liquidation due to the absence of realizable assets. The resolution was passed to initiate the liquidation process. The Resolution Professional (RP), Mr. Laxman Digambar Pawar, was appointed as the liquidator. The CoC directed the RP to file an interlocutory application seeking further direction and order under sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code (IBC). The NCLT approved the resolution and ordered the liquidation of the Corporate Debtor. The order stipulated that the Corporate Debtor be liquidated as per

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## Issues and analysis

### Issue 1: Whether the resolution passed by the Committee of Creditors (CoC) to initiate liquidation …

**Ratio:** The legal principle is that the CoC has the authority to resolve for liquidation if it

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**Reasoning:** The court reasoned that the CoC's decision was based on the fact that there were no

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**Interpretation:** The interpretation is that the IBC allows for liquidation when resolution is

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**Application:** In this case, the CoC's resolution was applied to the specific facts where the

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** LaxmanDigambarPawa…
- **Respondents:** Lanna Wellness…

## Timeline

- **2019-12-16 — Commencement…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-08-19 — CoC Meet…**: In the 2nd meeting of the Committee of Creditors (CoC), it was resolved that liquidation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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