# In the matter of Nicco Corporation Ltd (Under Liquidation) CP (IB) No. 03-KB-2017 (Interim Order)

> NCLT judgment dated 2018-02-14. Citation: TCN-2018-NCLT-01827. The case involves an application filed by the Liquidator under Section 35(1)(n), 60(5)(c) and…

- **Court:** NCLT
- **Order date:** 14 Feb 2018
- **Citation:** TCN-2018-NCLT-01827
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nicco-corporation-ltd-under-liquidation-cp-ib-no-03-kb-2017-interim-order-8b3597f2

## Summary

### Background

The case involves an application filed by the Liquidator under Section 35(1)(n), 60(5)(c) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated against Nicco Corporation Limited, and Mr. Vinod Kumar Kothari was appointed as the Liquidator via an order dated 2017-10-17.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nicco Corporation Limited. Mr. Vinod Kumar Kothari was appointed as the Liquidator for the liquidation of Nicco Corporation Limited on 2017-10-17. The Liquidator then filed an application seeking direction regarding the inclusion of workmen representatives in the Monitoring Committee, which had been constituted as per the direction issued to the Liquidator vide Order dated 2017-11-24. The Liquidator argued that including workmen representatives is fair and just, especially concerning the distribution of proceeds under Section 53 of the Code. The relevance of including workmen representatives stems from the fact that Section 53(1)(b) places workers pari passu with secured creditors, giving them a

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## Issues and analysis

### Issue 1: Whether the Liquidator should be directed to include representatives of the workmen in the …

**Ratio:** Section 35(1) of the Insolvency and Bankruptcy Code, 2016, empowers the Liquidator to

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**Reasoning:** The court reasoned that including representatives of the workmen would enable the

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**Interpretation:** The court interpreted Section 35(1) as granting the Liquidator the authority to

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**Application:** The court applied the ratio to the specific facts by allowing the Liquidator to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Vinod Kumar…
- **Respondents:** Nicco Corporation…

## Timeline

- **2017-10-17 — Order Da…**: Order issued appointing Mr. Vinod Kumar Kothari as the Liquidator for the liquidation of…
- **2017-11-24 — Order Da…**: Order issued directing the Liquidator to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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