# In the matter of Oneworld Creation Private Limited M.A. 1148-2019 in C.P. 2044-I&BP-NCLT-MAH-2018

> NCLT judgment dated 2019-04-24. Citation: TCN-2019-NCLT-03737. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 24 Apr 2019
- **Citation:** TCN-2019-NCLT-03737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oneworld-creation-private-limited-ma-1148-2019-in-cp-2044-ibp-nclt-mah-2018-16567b0e

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Oneworld Creation Private Limited, by an order dated 07.09.2018 by the Adjudicating Authority on a section 9 Petition filed by the Operational Creditor, Shanaya Fashions. Mr. Ajay Gupta was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) on 17.10.2018. The RP informed the Committee of Creditors (CoC) on 10.02.2019 that the Expression of Interest (EOI) was published in two newspapers, but no EOI was received by the deadline of 25.02.2019.

## Facts

Shanaya Fashions, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Oneworld Creation Private Limited. The CIRP was initiated via an order on 07.09.2018. Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 17.10.2018. An Expression of Interest (EOI) was published on 10.02.2019, but no EOI was received by the deadline of 25.02.2019. The Committee of Creditors (CoC), holding 38.56% voting rights, resolved on 05.03.2019 to liquidate the Corporate Debtor with a 99.67% majority vote. Ms. Jovita Reema Mathias was appointed as Liquidator with a fee of Rs. 1,00,000 per month. The liquidation process was to be completed within 180 days from the date of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code allows for liquidation when no

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**Reasoning:** The Adjudicating Authority noted that no resolution plan had been submitted by the

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**Interpretation:** Section 33(1) provides a clear pathway for liquidation when the CIRP process

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**Application:** Since no resolution plan was received for Oneworld Creation Private Limited,

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Respondents:** Oneworld Creation…; Shanaya Fa…

## Timeline

- **2018-07-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2018-10-17 — RP Confir…**: Mr. Ajay Gupta was confirmed as Resolution Professional (RP) in the first Committee of…

## 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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