# 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-01439. The case pertains to an application filed by the Resolution Professional, Mr. Santanu T. Ray,…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01439
- **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-d0590743

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. Santanu T. Ray, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation process against Neo Corp International Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal on 19.09.2019, following the admission of a petition under Section 9 of the Code. Ms. 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 constituted the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Neo Corp International Limited was initiated on 2019-09-19 following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Asha Manajit Ghoshal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). In its first meeting on 2019-10-19, the CoC resolved to appoint Santanu T. Ray as the Resolution Professional (RP), replacing the erstwhile IRP. The Applicant issued Form-G on 2020-01-16, inviting expression of interest (EOI) from prospective resolution applicants (PRAs). The Applicant received only two EOIs. The CoC decided to reissue Form-G on 2020-02-15, as only

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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 91.04% voting share, resolved in favor of liquidation as no viable

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

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**Application:** The CoC's decision to liquidate the Corporate Debtor, coupled with the absence

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## Parties

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

## Timeline

- **2019-09-19 — Initiation…**: Corporate Insolvency Resolution Process…
- **2019-10-19 — Appointment…**: CoC resolved to appoint Santanu T. Ray…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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