# In the matter of Pearl Vision Private Limited C.A. 697 (PB)-2019 in Company Petition No. (IB)-419 (PB)-2018

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01858. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 22 Aug 2019
- **Citation:** TCN-2019-NCLT-01858
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pearl-vision-private-limited-ca-697-pb-2019-in-company-petition-no-ib-419-pb-201-ee25d05c

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/s. Pearl Vision Private Limited. The financial creditor, Indian Overseas Bank, had initially filed an application under Section 7 of the Code, which was admitted on 12.10.2018, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Anil Kumar was appointed as the Interim Resolution Professional (IRP).

## Facts

Indian Overseas Bank, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Pearl Vision Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 12.10.2018. Anil Kumar was appointed as the Interim Resolution Professional (IRP). The corporate debtor had not been operational since the financial year 2012-13. Despite inviting Expressions of Interest, no responses were received. The Committee of Creditors (CoC) unanimously decided not to extend the deadline for submitting Expressions of Interest, citing reasons such as non-cooperation from the promoter/director, absence of business operations, lack of brand equity, and no trace of assets. The CoC, with 100%

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. Pearl Vision Private Limited, …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, mandates that where the

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**Reasoning:** The court reasoned that the CIRP had failed, no resolution plan was received, and the

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**Interpretation:** Section 33(1)(a) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the CIRP failed, no resolution plan was received, and the CoC

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Anil K…
- **Respondents:** M/s. Pearl Vision…; Gautam…

## Timeline

- **2018-10-12 — Admission of Section 7…**: The application filed by Indian Overseas Bank under Section 7 of the IBC was admitted,…
- **2018-10-12 — Appointment…**: Mr. Anil Kumar was appointed as the…

## 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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