# 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-03637. The case pertains to the insolvency resolution process of Liquid Space Entertainment Private…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/liquid-space-entertainment-private-limited-ia-no-189-2019-in-cpibno9-bb-2017-7f546937

## Summary

### Background

The case pertains to the insolvency resolution process of Liquid Space Entertainment Private Limited. The corporate insolvency resolution process (CIRP) was initiated, and Shri Thirupal Gorige was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the absence of a viable resolution plan. The Resolution Professional then filed an application before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking an order for liquidation.

## Facts

The Corporate Debtor, Liquid Space Entertainment Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). Shri Thirupal Gorige was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) in its meeting held on 2019-04-03, decided to liquidate the Corporate Debtor due to the absence of a resolution plan. The CoC noted the total liabilities of the Corporate Debtor to be around Rs.7,96,48,501 and realisable assets of Rs.451,128. The RP filed an application before the NCLT, Bengaluru Bench, seeking an order for liquidation. The NCLT admitted the petition on 2018-11-29. The time limit for completion of insolvency and resolution process was expiring on 2019-06-01. The CoC

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

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

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**Reasoning:** The Committee of Creditors, in its meeting, resolved to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC decides that

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**Application:** In this case, the CoC decided to liquidate the Corporate Debtor, and the

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…; +1 more
- **Appellants:** Thirupal…
- **Respondents:** M/s. Liquid Space…

## Timeline

- **2018-11-29 — Petition Ad…**: The bench admitted the Petition and…
- **2018-12-03 — Effective…**: The IRP was appointed against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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