# In the matter of optic advisory private limited

> NCLT judgment dated 2019-06-12. Citation: TCN-2019-NCLT-02936. The Corporate Insolvency Resolution Process (CIRP) was initiated against Optic Advisory Pvt.…

- **Court:** NCLT
- **Order date:** 12 Jun 2019
- **Citation:** TCN-2019-NCLT-02936
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/optic-advisory-private-limited-1d347151

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Optic Advisory Pvt. Ltd. (Corporate Debtor) based on a Section 7 petition filed by a Financial Creditor, Evershine Advisory Services Pvt. Ltd. The Adjudicating Authority approved the initiation on 2018-10-16. Ms. Dipti Mehta was initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Ajay Kumar was appointed as the Resolution Professional (RP) in the 2nd Committee of Creditors (CoC) meeting on 2018-12-06, which was approved by the Bench on 2019-01-03.

## Facts

Evershine Advisory Services Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Optic Advisory Pvt. Ltd. (Corporate Debtor) by filing a Section 7 petition. The CIRP was initiated on 2018-10-16. Ms. Dipti Mehta was appointed as Interim Resolution Professional (IRP). Later, Mr. Ajay Kumar was appointed as Resolution Professional (RP) on 2018-12-06. Public announcements were made on 2018-10-25 in "Free press Journal" and "Navshakti" and on 2019-01-06 in Form G. The CoC decided to seek waiver from appointment of Valuers on 2019-02-06. The CoC resolved to liquidate the Corporate Debtor on 2019-03-26 due to the absence of a resolution plan. Ms. Rajshree Padia was suggested as liquidator. The assets of the company were of negligible

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## Issues and analysis

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

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

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**Reasoning:** The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100%

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**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to produce

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**Application:** Since no resolution plan was received for Optic Advisory Pvt. Ltd., and the CoC

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Ajay K…
- **Respondents:** Optic Advisory…

## Timeline

- **2018-10-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-12-06 — Appointment…**: Mr. Ajay Kumar was appointed as…

## 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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