# In the matter of New Age Satellite Services Private Limited IA (IB) No. 1294-KB-2020 in CP (IB) No. 1519-KB-2019

> NCLT judgment dated 2021-02-02. Citation: TCN-2021-NCLT-03162. Arizona Global Services Private Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03162
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-age-satellite-services-private-limited-ia-ib-no-1294-kb-2020-in-cp-ib-no-151-113ffc0c

## Summary

### Background

Arizona Global Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against New Age Satellite Services Private Limited. An Interim Resolution Professional (IRP) was appointed. Subsequently, the IRP was replaced by a Resolution Professional (RP), Hemant Gupta, following a resolution passed by the Committee of Creditors (CoC).

## Facts

Arizona Global Services Private Limited initiated CIRP against New Age Satellite Services Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mnish Jain was initially appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2020-02-18 in Business Standard (English) and Ekdin (Bengali) newspapers, setting 2020-03-02 as the last date for submitting claims. The Committee of Creditors (CoC) was formed with one Financial Creditor. Hemant Gupta replaced the initial IRP as the Resolution Professional (RP). The CoC resolved to liquidate the Corporate Debtor due to the absence of business activity and the unlikelihood of revival. The CoC held meetings on 2020-06-22, 2020-08-24, and 2020-10-22. The CoC voted with 97.47%

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

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

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**Reasoning:** The CoC resolved with 97.47% voting share to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

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**Application:** The CoC's decision, supported by a 97.47% vote, satisfies the requirement of

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Hemant Gupta,…
- **Respondents:** New Age Satellite…; Arizona Global…

## Timeline

- **2020-02-14 — Order for CIRP…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2020-02-18 — Public Annou…**: Public announcement was made in Business Standard (English) and Ekdin (Bengali)…

## 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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