# 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-03063. The case involves an application filed by the Resolution Professional, Mr. Laxman Digambar…

- **Court:** NCLT
- **Order date:** 12 Feb 2021
- **Citation:** TCN-2021-NCLT-03063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/liveminds-solutions-pvt-ltd-ia-1809-of-2020-in-cp-no-3547-of-2019-877a6e49

## 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 after the petition filed by Hemant Shah & Associates LLP (Operational Creditor) was admitted under Section 9 of the Code. 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 Liveminds Solutions Private Limited, referred to as the Corporate Debtor. The application was filed 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 filed by Hemant Shah & Associates LLP, the Operational Creditor, under Section 9 of the Code. Mr. Pawar was appointed as the Interim Resolution Professional (IRP). A public announcement of the CIRP was made, inviting claims from creditors. The Committee of Creditors (CoC) was formed and approved the resolution allowing the IRP to

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(1) read with …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in deciding

…

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

…

**Interpretation:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the

…

**Application:** The CoC determined that Liveminds Solutions Private Limited had no realizable

…

## Parties

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

## Timeline

- **2020-01-24 — Order Date of Company…**: Tribunal admitted the petition under Section 9 of the Code, filed by Hemant Shah &…
- **2020-02-02 — Public Announcement of…**: Applicant published a public announcement of CIRP in Form A in two newspapers inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — 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/liveminds-solutions-pvt-ltd-ia-1809-of-2020-in-cp-no-3547-of-2019-877a6e49