# In the matter of Liveminds Solutions Pvt. Ltd.  I.A. 1809 OF 2020 IN C.P. No. 3547 of 2019

> NCLT judgment dated 2021-02-12. Citation: TCN-2021-NCLT-03059. The case involves an application filed by the Resolution Professional, Mr. Laxman Digambar…

- **Court:** NCLT
- **Order date:** 12 Feb 2021
- **Citation:** TCN-2021-NCLT-03059
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/liveminds-solutions-pvt-ltd-ia-1809-of-2020-in-cp-no-3547-of-2019-17a6ce29

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Laxman Digambar Pawar, seeking liquidation of Liveminds Solutions Private Limited (Corporate Debtor) under Section 33(1) read with Section 60 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Livemind Solutions Private Limited following the admission of a petition under Section 9 of the Code filed by Hemant Shah & Associates LLP (Operational Creditor). The applicant, Mr. Pawar, was appointed as the Interim Resolution Professional (IRP). A public announcement of CIRP was made, inviting claims from creditors.

## Facts

Mr. Laxman Digambar Pawar, the Resolution Professional, filed an application seeking the liquidation of Livemind Solutions Private Limited, referred to as the Corporate Debtor. This application was made under Section 33(1) read with Section 60 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated against Livemind Solutions Private Limited following the admission of a petition under Section 9 of the Code filed by Hemant Shah & Associates LLP, the Operational Creditor. Mr. Pawar was appointed as the Interim Resolution Professional (IRP). A public announcement of CIRP was made, inviting claims from creditors. The Committee of Creditors (CoC) was formed and held its first meeting on 2020-02-25, approving the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Livemind Solutions Private …

**Ratio:** The legal principle applied is the Commercial Wisdom of the Committee of Creditors (CoC)

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**Reasoning:** The court reasoned that the CoC, with a 100% majority, decided to liquidate the Corporate

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**Interpretation:** Section 33(1) of the IBC is interpreted to allow for liquidation when the CoC,

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**Application:** The court applied the ratio to the specific facts by noting that the CoC had

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** LaxmanDigambarPawa…
- **Respondents:** Liveminds…; Hemant Shah &…

## Timeline

- **2020-01-24 — Order admitting…**: Tribunal admitted the petition under Section 9 of the Code filed by Hemant Shah &…
- **2020-02-02 — Public announcement of…**: Public announcement of Corporate Insolvency Resolution Process (CIRP) in Form A was made,…

## Legal provisions

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

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