# In the matter of LCS City Makers Pvt. Ltd. MA-300-2018 in CP-200-IB-2018

> NCLT judgment dated 2018-08-08. Citation: TCN-2018-NCLT-00976. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 8 Aug 2018
- **Citation:** TCN-2018-NCLT-00976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lcs-city-makers-pvt-ltd-ma-300-2018-in-cp-200-ib-2018-03ed91bd

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. LCS City Makers Private Limited. The CIRP was initiated on 20.04.2018. Mr. S.R. Krishnan was appointed as the Resolution Professional. The Committee of Creditors (CoCs) in its meeting held on 28.05.2018, unanimously approved the appointment of Mr. S.R. Krishnan as the Resolution Professional. After exploring various possibilities, the CoCs in its 4th meeting held on 23.07.2018, decided to liquidate the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. LCS City Makers Private Limited with effect from 20.04.2018. Mr. S.R. Krishnan was appointed as the Resolution Professional. The Committee of Creditors (CoCs) approved the appointment of Mr. S.R. Krishnan as the Resolution Professional. The CoCs, after exploring various possibilities, decided in its 4th meeting held on 23.07.2018 to liquidate the Corporate Debtor. The Resolution Professional filed MA/300/2018 in CP/200/(IB)/2018 seeking an order for liquidation. The Adjudicating Authority admitted CP/200/(IB)/2017 and declared a moratorium on 20.04.2018. The relevance of these facts is that they establish the sequence of events leading to the liquidation order and the basis for the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. LCS …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the CoCs for the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** The Adjudicating Authority applied Section 33(2) of the I&B Code, 2016, to

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. LCS City…

## Timeline

- **2018-04-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. LCS City Makers…
- **2018-04-20 — Moratorium D…**: Moratorium was declared…

## 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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