# In the matter of Neo Corp International Limited IA No. 1986 of 2020 in C.P. (IB) No. 4738-MB-2018

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01448. The case involves an application filed by the Resolution Professional, Mr. Santanu T. Ray,…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neo-corp-international-limited-ia-no-1986-of-2020-in-cp-ib-no-4738-mb-2018-436fa06b

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Santanu T. Ray, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, to initiate the liquidation process against Neo Corp International Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 9 of the Code. An Interim Resolution Professional (IRP) was appointed, who made a public announcement for inviting claims from creditors and constituted the Committee of Creditors (CoC). The CoC later resolved to appoint Mr. Santanu T. Ray as the Resolution Professional (RP), replacing the erstwhile IRP. The RP issued Form-G, inviting expression of interest (EOI) from prospective resolution applicants

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Neo Corp International Limited after a petition was admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC). Asha Manajit Ghoshal was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement to invite claims from creditors and subsequently formed a Committee of Creditors (CoC). The CoC then replaced the IRP with Santanu T. Ray as the Resolution Professional (RP). The RP issued Form-G to invite Expressions of Interest (EOIs) from prospective resolution applicants (PRAs). Despite reissuing Form-G and extending the deadline due to the COVID-19 pandemic, the CoC did not receive any viable resolution plan. The CoC, in its 11th and 12th meetings,

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

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

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**Reasoning:** The CoC, with a 91.04% voting share, resolved to liquidate the Corporate Debtor as no

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**Interpretation:** Section 33(2) provides a mechanism for initiating liquidation when the CIRP

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**Application:** Since the CoC approved the liquidation with the requisite majority and no

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## Parties

- **Judges:** Shri. Bhaskara…; Shri. Narendra…
- **Appellants:** Santanu T…
- **Respondents:** Neo Corp Internati…; Plastiblends…

## Timeline

- **2019-09-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal vide order dated…
- **2019-10-16 — IRP Report…**: The erstwhile IRP constituted the Committee of Creditors (CoC) and filed the report for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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