# In the matter of Pink Rose Lingerie Pvt. Ltd. I.A. No. 165-2020 in C.P. (IB)No. 132-BB-2018

> NCLT judgment dated 2020-05-28. Citation: TCN-2020-NCLT-01304. The case involves an application (I.A.No.165/2020) in C.P. (IB)No.132/BB/2018 filed by the…

- **Court:** NCLT
- **Order date:** 28 May 2020
- **Citation:** TCN-2020-NCLT-01304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pink-rose-lingerie-pvt-ltd-ia-no-165-2020-in-cp-ibno-132-bb-2018-10766fc9

## Summary

### Background

The case involves an application (I.A.No.165/2020) in C.P. (IB)No.132/BB/2018 filed by the liquidator of M/s. Pink Rose Lingerie Private Limited, seeking to dissolve the corporate debtor with immediate effect. The initial case, C.P.(IB)No.132/BB/2018, was filed by M/s. Palm Printz, an operational creditor, under Section 9 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Pink Rose Lingerie Private Limited due to a default of Rs.60,65,926. CIRP was initiated, and an IRP was appointed. Subsequently, the Adjudicating Authority allowed the Committee of Creditors to change the Resolution Professional. Due to the lack of a viable resolution plan and the erosion of the company's value, the Resolution Professional proposed liquidation,

…

## Facts

M/s. Palm Printz, an operational creditor, filed C.P.(IB)No.132/BB/2018 against M/s. Pink Rose Lingerie Private Limited due to a default of Rs.60,65,926. The Adjudicating Authority admitted the petition and initiated CIRP. Shri Vinod Sunder Raman was appointed as the initial IRP, later replaced by Ms. Ramanathan Bhuvaneshwari. No resolution plan was received, leading to the proposal for liquidation. The CoC approved the liquidation, and the Adjudicating Authority appointed Mr. Madhugiri Venkatarayappa Sudarshan as the liquidator. The liquidator made public announcements and revised claims. The assets of the company were difficult to dispose of due to their nature, age, and condition. The realizable value of the assets was estimated to be lower than the liquidation

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Pink Rose Lingerie Private Limited, should be dissolved under …

**Ratio:** Section 54 of the Code states that where the assets of the Corporate Debtor have been

…

**Reasoning:** The court reasoned that the liquidation process had reached a stage where further

…

**Interpretation:** Section 54 provides a mechanism for dissolving a corporate debtor after its

…

**Application:** The court applied Section 54 to the facts of the case, noting that the assets

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Palm Pr…
- **Respondents:** Pink Rose…

## Timeline

- **2018-01-01 — Initial F…**: C.P.(IB)No.132/BB/2018 filed by M/s. Palm Printz against M/s. Pink Rose Lingerie Private…
- **2019-02-04 — CIRP Init…**: Adjudicating Authority admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/pink-rose-lingerie-pvt-ltd-ia-no-165-2020-in-cp-ibno-132-bb-2018-10766fc9