# In the matter of Optic Advisory Pvt. Ltd. M.A. No. 1452-2019 in C.P. No. 442-I&B-MB-2018

> NCLT judgment dated 2019-06-03. Citation: TCN-2019-NCLT-03086. The Corporate Insolvency Resolution Process (CIRP) was initiated against Optic Advisory Pvt.…

- **Court:** NCLT
- **Order date:** 3 Jun 2019
- **Citation:** TCN-2019-NCLT-03086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/optic-advisory-pvt-ltd-ma-no-1452-2019-in-cp-no-442-ib-mb-2018-2880aa9d

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Optic Advisory Pvt. Ltd. by an order dated 2018-10-16, based on a Section 7 petition filed by a Financial Creditor, Evershine Advisory Services Pvt. Ltd. Ms. Dipti Mehta was initially appointed as the Interim Resolution Professional (IRP). Subsequently, in a Committee of Creditors (CoC) meeting on 2018-12-06, Mr. Ajay Kumar was selected as the Resolution Professional (RP), which was approved by the Bench on 2019-01-03. The RP then made a public announcement in Form-A on 2018-10-25, inviting claims from creditors. An advertisement was issued on 2019-01-06 in Form G, inviting expressions of interest from prospective resolution applicants.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Optic Advisory Pvt. Ltd. on 2018-10-16, based on a Section 7 petition filed by Evershine Advisory Services Pvt. Ltd., the Financial Creditor. Initially, Ms. Dipti Mehta was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Ajay Kumar was appointed as the Resolution Professional (RP) on 2018-12-06, approved by the Bench on 2019-01-03. The RP made a public announcement on 2018-10-25 and invited expressions of interest on 2019-01-06. The CoC decided to waive the appointment of valuers due to the negligible value of the company's assets. No resolution plan was received, leading the CoC to resolve to liquidate the Corporate Debtor on 2019-03-26. Ms. Rajshree Padia was suggested

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1) of the Insolvency and …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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

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**Interpretation:** Section 33(1) provides a clear directive for liquidation when the CIRP fails to

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**Application:** Since no resolution plan was submitted and the CoC resolved for liquidation,

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## Parties

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

## Timeline

- **2018-10-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-12-06 — RP Appoin…**: Mr. Ajay Kumar resolved to be appointed as Resolution Professional (RP) in the 2nd…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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