# In the matter of Nicco Corporation Limited CA (IB) No. 487-KB-2017 IN CP No. 03-2017

> NCLT judgment dated 2017-11-24. Citation: TCN-2017-NCLT-00140. The case pertains to C.A.(IB) No.487/KB/2017 connected to C.P. No.03/2017 filed by the…

- **Court:** NCLT
- **Order date:** 24 Nov 2017
- **Citation:** TCN-2017-NCLT-00140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nicco-corporation-limited-ca-ib-no-487-kb-2017-in-cp-no-03-2017-b94efb28

## Summary

### Background

The case pertains to C.A.(IB) No.487/KB/2017 connected to C.P. No.03/2017 filed by the Liquidator under section 35 of the Insolvency and Bankruptcy Code, 2016 and Regulation 41(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Liquidator sought specific permissions and clarifications regarding the liquidation process of Nicco Corporation Limited.

## Facts

Nicco Corporation Limited is undergoing liquidation. Mr. Vinod Kumar Kothari is the Liquidator of the Corporate Debtor. The Liquidator filed C.A.(IB) No.487/KB/2017 in connection with C.P. No.03/2017, seeking clarifications and permissions related to the liquidation process under Section 35 of the Insolvency and Bankruptcy Code, 2016, and Regulation 41(3) of the IBBI (Liquidation Process) Regulations, 2016. The specific matters included the status of employees post-liquidation, retention of officers, discharge of liabilities, and operation of bank accounts. The liquidator also sought authorization to defend legal proceedings on behalf of the Corporate Debtor and to dispense with formal application requirements for future directions.

## Issues and analysis

### Issue 1: Whether the order for liquidation under section 33 shall be deemed to be automatic and immediate …

**Ratio:** The order of liquidation passed under section 33 shall be deemed to be the notice of

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**Reasoning:** The court reasoned that by the of liquidation, all officers, employees and workers stand

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**Interpretation:** The interpretation is that the liquidation order itself serves as the notice of

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**Application:** This applies directly to the employees of Nicco Corporation Limited, clarifying

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## Parties

- **Judges:** V. P. S…; Jinan…
- **Respondents:** Nicco Corporation…

## Timeline

- **2017-11-24 — Order Pron…**: The order in C.A.(IB)…
- **2018-02-01 — Progress Repor…**: The Liquidator is to…

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