# In the matter of Pixion Media Private Limited C.A. 696 (PB) -2019 in Company Petition No. (IB)-438 (PB)-2018

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01859. 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-01859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pixion-media-private-limited-ca-696-pb-2019-in-company-petition-no-ib-438-pb-201-e4d91798

## 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, Pixion Media Private Limited. The financial creditor, Indian Overseas Bank, had previously filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted on 09.10.2018. Mr. Anil Kumar was appointed as the Interim Resolution Professional (IRP).

## Facts

Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Pixion Media Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 09.10.2018. Anil Kumar was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors and constituted a Committee of Creditors (CoC). In the first CoC meeting on 05.11.2018, the IRP was appointed as the Resolution Professional (RP). No business operation of the corporate debtor had taken place since the financial year 2011-12, and there was no trace of plant and machinery. The RP invited Expression of Interest (EOI), but no EOI was received. The CoC decided not to extend the time for submission of EOI due to non-cooperation

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Pixion Media 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 for Pixion Media Private Limited failed to produce a

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## Parties

- **Judges:** CHIEF JUSTICE…; S. K. MOH…
- **Appellants:** Anil K…
- **Respondents:** Pixion Media…; Joby P. Va…

## Timeline

- **2018-10-09 — Admission of CIRP…**: The application filed by Indian Overseas Bank under Section 7 of the Code for initiating…
- **2018-11-05 — Appointment of…**: In the first meeting of the Committee of Creditors, the Interim Resolution Professional…

## 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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