# In the matter of Pico Event Marketing (India) Pvt. Ltd. CA No. 2029-ND-2020 in Company Petition No. (IB)-100(ND)-2019

> NCLT judgment dated 2020-10-22. Citation: TCN-2020-NCLT-00352. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 22 Oct 2020
- **Citation:** TCN-2020-NCLT-00352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pico-event-marketing-india-pvt-ltd-ca-no-2029-nd-2020-in-company-petition-no-ib-58735230

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions for the liquidation of the corporate debtor, Pico Event Marketing (India) Pvt Ltd. The operational creditor, Deepali Designs and Exhibits Pvt Ltd, had previously filed an application under Section 9 of the IBC for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted on 23.08.2019. Mr. Gaurav Katiyar was appointed as the Interim Resolution Professional (IRP).

## Facts

Deepali Designs and Exhibits Pvt Ltd, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Pico Event Marketing (India) Pvt Ltd, the corporate debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-08-23, and Mr. Gaurav Katiyar was appointed as the Interim Resolution Professional (IRP). During the CIRP, the IRP faced non-cooperation from the ex-directors and group companies of the corporate debtor in providing necessary information and financial records. The IRP discovered that the corporate debtor's primary asset was an arbitral award in favor of Pico Deepali Overlays Consortium. The consortium had already filed a petition for the execution of the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Pico Event Marketing (India) Pvt Ltd, should be liquidated under …

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

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**Reasoning:** The Tribunal reasoned that the CIRP had failed due to the lack of credible financial

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**Interpretation:** Section 33(1) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the Tribunal applied Section 33(1) to order the liquidation of

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Gaurav Ka…
- **Respondents:** Pico Event…; Deepali Designs…

## Timeline

- **2019-08-23 — Admission of CIRP…**: The application filed by Deepali Designs and Exhibits Pvt Ltd under Section 9 of the IBC…
- **2019-11-13 — Application for…**: The Resolution Professional filed an application in the execution proceedings seeking…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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