# In the matter of Snowblue Trexim Pvt. Ltd. CA No. 868-KB-2018 in CP (IB) No. 549-KB-2017

> NCLT judgment dated 2018-09-26. Citation: TCN-2018-NCLT-00709. The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 26 Sept 2018
- **Citation:** TCN-2018-NCLT-00709
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/snowblue-trexim-pvt-ltd-ca-no-868-kb-2018-in-cp-ib-no-549-kb-2017-c15046d4

## Summary

### Background

The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, initiated by Badjate Stock & Shares Private Limited against Snowblue Trexim Privatge Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 2017-12-11 but faced non-cooperation from the Corporate Debtor in providing necessary information and documents. The Resolution Professional (RP) was unable to finalize a resolution plan, leading the Committee of Creditors (COC) to unanimously decide on liquidation.

## Facts

Badjate Stock & Shares Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Snowblue Trexim Privatge Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The CIRP commenced on 2017-12-11. The Corporate Debtor failed to cooperate by not providing necessary information and documents to the Resolution Professional (RP). The RP conducted three meetings with the Committee of Creditors (COC). The COC unanimously decided to proceed with liquidation due to the Corporate Debtor's non-cooperation and the absence of a viable resolution plan. The RP noted transactions structured as undervalued or preferential, including an investment of Rs. 6.33 crores in Versatile Infra Projects Limited. The financial statements of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor's non-cooperation with the Resolution Professional warrants …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for liquidation when

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**Reasoning:** The Corporate Debtor's failure to provide necessary information and documents hindered

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**Interpretation:** The provision emphasizes the importance of cooperation from the Corporate

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**Application:** The Corporate Debtor's non-cooperation directly led to the inability to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Badjate Stock &…
- **Respondents:** Snowblue Trexim…

## Timeline

- **2017-12-11 — Commencement…**: Corporate Insolvency…
- **2018-06-07 — NCLT Ord…**: NCLT Order extended…

## 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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