# In the matter of Liquid Space Entertainment Private Limited IA No. 189-2019 in C.P.(IB)No.9-BB-2017

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03632. The case involves an application filed by the Resolution Professional, Shri Thirupal Gorige,…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/liquid-space-entertainment-private-limited-ia-no-189-2019-in-cpibno9-bb-2017-01335717

## Summary

### Background

The case involves an application filed by the Resolution Professional, Shri Thirupal Gorige, seeking an order to liquidate the Corporate Debtor, M/s. Liquid Space Entertainment Private Limited, as per Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor after determining that no resolution plan was feasible. The petition was initially admitted on 2018-11-29, and Shri Thirupal Gorige was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Debtor, M/s. Liquid Space Entertainment Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after a petition was admitted on 2018-11-29. Shri Thirupal Gorige was appointed as the IRP. During the CIRP, no resolution plan was received. The Committee of Creditors (CoC) held a meeting on 2019-04-03 and decided to liquidate the Corporate Debtor, as they believed no revival was possible. The CoC reviewed the liabilities and assets of the Corporate Debtor, noting total liabilities of approximately Rs. 7,96,48,501 and realizable assets of Rs. 451,128, including a car hypothecated with HDFC Bank and a bank balance. The Resolution Professional, Shri Thirupal Gorige, then filed an application (I.A No. 189 of 2019) to intimate the CoC's decision

…

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the application for liquidation of the Corporate Debtor, M/s. …

**Ratio:** Section 33(2) of the IBC, 2016, stipulates that where the Resolution Professional

…

**Reasoning:** The Tribunal reasoned that the Committee of Creditors had decided to liquidate the

…

**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

…

**Application:** In this case, the CoC had approved the liquidation of M/s. Liquid Space

…

## Parties

- **Judges:** Ratakonda…; Ashok Kumar…
- **Appellants:** Thirupal…
- **Respondents:** Liquid Space…; M/s. Liquid Space…

## Timeline

- **2018-11-29 — Petition Ad…**: The petition against the Corporate Debtor was admitted, and Shri Thirupal Gorige was…
- **2018-12-03 — Effective…**: The IRP was appointed against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/liquid-space-entertainment-private-limited-ia-no-189-2019-in-cpibno9-bb-2017-01335717