# In the matter of Sri Adhikari Brothers Television Network Limited I.A. 2179 of 2021 in C.P. No. 4374 of 2018

> NCLT judgment dated 2021-12-16. Citation: TCN-2021-NCLT-00154. The application I.A. No. 2179/2021 was filed by the Resolution Professional, Mr. Vijendra Kumar…

- **Court:** NCLT
- **Order date:** 16 Dec 2021
- **Citation:** TCN-2021-NCLT-00154
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-adhikari-brothers-television-network-limited-ia-2179-of-2021-in-cp-no-4374-o-7338b6c3

## Summary

### Background

The application I.A. No. 2179/2021 was filed by the Resolution Professional, Mr. Vijendra Kumar Jain, seeking liquidation of Sri Adhikari Brothers Television Network Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Central Bank of India (Financial Creditor) on 20.12.2019. The Resolution Professional was appointed as the Interim Resolution Professional (IRP).

## Facts

The Resolution Professional, Mr. Vijendra Kumar Jain, filed an application (I.A. No. 2179/2021) seeking liquidation of Sri Adhikari Brothers Television Network Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Central Bank of India (Financial Creditor) on 20.12.2019. The applicant was appointed as the Interim Resolution Professional (IRP). An advertisement inviting Expression of Interest (EoI) was published on 28.02.2020 and 20.05.2020 in Free Press Journal and Navshakti; and on 01.07.2020 and 15.10.2020 in Financial Express and Mumbai Lakshwadeep, 30.10.2020 being the last date for receipt of Express

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Sri Adhikari Brothers Television …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The Committee of Creditors (CoC) rejected the Resolution Plan with a 100% majority. The

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CIRP

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**Application:** Since the CoC rejected the Resolution Plan, the Tribunal applied Section 33(2)

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Vijendra Kumar…
- **Respondents:** Adhikari Brothers…; Central Bank of…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-12-20 — Petition Ad…**: The Tribunal admitted the petition under Section 7 of the Code, filed by Central Bank of…

## 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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