# In the matter of Marvel Craft Pvt. Ltd. (IB)-845(ND)2018

> NCLT judgment dated 2019-07-15. Citation: TCN-2019-NCLT-02531. The case involves an application (CA 758/2019) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 15 Jul 2019
- **Citation:** TCN-2019-NCLT-02531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marvel-craft-pvt-ltd-ib-845nd2018-a5f850cb

## Summary

### Background

The case involves an application (CA 758/2019) filed by the Resolution Professional (RP) under Section 33 of the IBC Code. Notice of the application was accepted by the ex-Director, Mr. Ajay Wasi, and no objection was filed. The RP submitted that no resolution plan was received despite inviting expression of interest. The Committee of Creditors (COC) decided in its meeting on May 15, 2019, to proceed towards liquidation since no resolution plan was received. The resolution to initiate liquidation was listed as item no. 2(4) on the agenda and was unanimously approved by the COC. The application is annexed with the affidavit of the resolution professional.

## Facts

The Resolution Professional (RP) filed CA 758/2019 under Section 33 of the IBC Code, seeking liquidation of M/s. Toll Global Forwarding (India) Pvt. Ltd. No resolution plan was received despite inviting expressions of interest. The Committee of Creditors (COC) resolved on May 15, 2019, to initiate liquidation proceedings. The ex-Director, Mr. Ajay Wasi, accepted the notice and did not file any objection. A reply to the application under sections 43 and 66 of the Code was filed by the ex-Director, along with a rejoinder that was not supplied to the opposite side. The COC unanimously approved the resolution for liquidation. The RP has not given her consent for the appointment of a liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC Code should be allowed given …

**Ratio:** When no resolution plan is received despite inviting expressions of interest, the COC is

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**Reasoning:** The court reasoned that since no resolution plan was received, the COC's decision to

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**Interpretation:** Section 33 of the IBC Code allows for liquidation when resolution efforts fail.

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**Application:** In this case, the absence of a resolution plan justified the COC's decision to

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** M/s. Toll Global…

## Timeline

- **2019-05-15 — COC Meet…**: The Committee of Creditors (COC) decided to…
- **2019-07-15 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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