# In the matter of Notion Ink Design Labs Private Limited IA No. 417-2018 In C.P. (IB) No.13-BB-2018

> NCLT judgment dated 2019-01-09. Citation: TCN-2019-NCLT-05291. The case involves an application filed by Technology Development Board (TDB) under Section 7 of…

- **Court:** NCLT
- **Order date:** 9 Jan 2019
- **Citation:** TCN-2019-NCLT-05291
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/notion-ink-design-labs-private-limited-ia-no-417-2018-in-cp-ib-no13-bb-2018-08225d9b

## Summary

### Background

The case involves an application filed by Technology Development Board (TDB) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Notion Ink Design Labs Private Limited. The application was based on the corporate debtor's default of Rs. 7,90,36,467/-. The CIRP was initiated, and Ms. Medha Kulkarni was appointed as the Interim Resolution Professional (IRP). A public announcement was made, but no claims were received from the public other than the financial creditor.

## Facts

Technology Development Board (TDB) filed an application under Section 7 of the IBC, 2016, against Notion Ink Design Labs Private Limited due to a default of Rs. 7,90,36,467/-. The CIRP was initiated, and Medha Kulkarni was appointed as IRP. A public announcement was made, but no claims were received from the public. TDB was the sole member of the CoC. Only one resolution plan was received, which was deemed unacceptable. The resolution plan was lower than a one-time settlement offer made by Notion Ink, which TDB had rejected. The existing promoter indicated an inability to revive the company. The company had no tangible manufacturing facility and a declining revenue trend. The CoC decided to seek liquidation under Section 33(2) of the IBC. Medha Kulkarni was recommended

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## Issues and analysis

### Issue 1: Whether the application for liquidation under …

**Ratio:** Section 33(1)(a) of the IBC states that where the Adjudicating Authority does not receive

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**Reasoning:** The CoC and Resolution Professional explored all possibilities to revive the Corporate

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**Interpretation:** Section 33(1)(a) of the IBC mandates liquidation when no acceptable resolution

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**Application:** In this case, since the Adjudicating Authority did not receive an acceptable

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Technology…
- **Respondents:** Notion Inc Design…; M/s. Notion Inc…
- **Advocates:** Medha Kul…

## Timeline

- **2018-04-01 — Public Annou…**: A public announcement was given…
- **2018-04-24 — Admission o…**: The case was admitted,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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