# 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-03157. Arizona Global Services Private Limited initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03157
- **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-b0ce42da

## Summary

### Background

Arizona Global Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against New Age Satellite Services Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2020-02-14 and appointed Mnish Jain as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) was formed, and Hemant Gupta was appointed as the Resolution Professional (RP), replacing the IRP. The CoC, in its meeting on 2020-10-22, resolved for liquidation of the Corporate Debtor due to the absence of business activity and the unlikelihood of revival.

## 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. The petition was admitted on 2020-02-14. Mnish Jain was initially appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2020-02-18, setting 2020-03-02 as the last date for submitting claims. The Committee of Creditors (CoC) was duly constituted with one Financial Creditor. Hemant Gupta was appointed as the Resolution Professional (RP), replacing the IRP. The first CoC meeting was held on 2020-06-22, and the second on 2020-08-24, where the issuance of Expression of Interest (EOI) was deferred due to the lack of fixed assets. In the third CoC meeting on 2020-10-22, a

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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 Adjudicating Authority considered the submission made by the Resolution Professional

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**Interpretation:** Section 33(2) provides a clear framework for the liquidation of a Corporate

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**Application:** In this case, the CoC approved the liquidation with 97.47% voting share, which

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## Parties

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

## Timeline

- **2020-02-14 — Admission of…**: The Adjudicating Authority admitted the petition filed by Arizona Global Services Private…
- **2020-02-18 — Public Annou…**: A public announcement was made in Business Standard (English) and Ekdin (Bengali)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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