# In the matter of Oasis Textiles Ltd. C.P. (IB) No. 27-7-NCLT-AHM-2017

> NCLT judgment dated 2017-11-22. Citation: TCN-2017-NCLT-00146. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 22 Nov 2017
- **Citation:** TCN-2017-NCLT-00146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oasis-textiles-ltd-cp-ib-no-27-7-nclt-ahm-2017-802a060b

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Oasis Textile Limited. The Committee of Creditors (CoC) authorized the RP to file this application as no resolution plan was received within four weeks. The Financial Creditor, Jhaveri Trading And Investment Private Limited, had initiated the Corporate Insolvency Resolution Process (CIRP) by filing CP (IB) No. 27/NCLT/565/2017, which was admitted on 2017-05-31. The RP conducted the first CoC meeting on 2017-06-28. The RP intimated the promoters and financial creditor to submit a resolution plan, but none was proposed. The company's assets consist of shares of listed companies under suspension and potential income tax refunds.

## Facts

Jhaveri Trading And Investment Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Oasis Textile Limited by filing CP (IB) No. 27/NCLT/565/2017, which was admitted on 2017-05-31. Umesh Harjivandas Ved was appointed as the Insolvency Resolution Professional (IRP). The Committee of Creditors (CoC) consists of only one Financial Creditor, Jhaveri Trading And Investment Private Limited. The IRP conducted the first CoC meeting on 2017-06-28. The IRP prepared an Information Memorandum. The RP gave an intimation to the promoters and financial creditor seeking a resolution plan, but no resolution plan was proposed. The company's assets consist of shares of listed companies under suspension and potential income tax refunds. The CoC, in its 2nd

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass a liquidation order for Oasis Textile Limited, given …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) states that if the resolution

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**Reasoning:** The Adjudicating Authority reasoned that since no resolution plan was submitted and the

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to pass

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**Application:** In this case, the Resolution Professional intimated the Adjudicating Authority

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** Umesh…
- **Respondents:** Oasis Textiles…; Jhaveri Trading…

## Timeline

- **2017-05-31 — Admission of CIRP…**: The Adjudicating Authority admitted CP (IB) No. 27/NCLT/565/2017 filed by Jhaveri Trading…
- **2017-06-28 — First CoC M…**: The Insolvency Resolution Professional (IRP) conducted the first meeting of the Committee…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/oasis-textiles-ltd-cp-ib-no-27-7-nclt-ahm-2017-802a060b