# In the matter of Todays Writing Instruments Limited IA 277-2018 in C.P. (IB) No. 12-NCLT-AHM-2017

> NCLT judgment dated 2018-11-30. Citation: TCN-2018-NCLT-00257. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Nov 2018
- **Citation:** TCN-2018-NCLT-00257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/todays-writing-instruments-limited-ia-277-2018-in-cp-ib-no-12-nclt-ahm-2017-abe20c9e

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) for the liquidation of Today's Writing Instruments Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Corporate Debtor under Section 9 of the Code, leading to the appointment of an Interim Resolution Professional (IRP).

## Facts

Today's Writing Instruments Ltd. initiated CIRP under Section 9 of the IBC. The COC, in its 11th meeting on June 29, 2018, resolved to proceed with liquidation due to the infeasibility of a resolution plan. An e-voting process on June 19 and 20, 2018, favored liquidation. The existing RP was unwilling to continue as liquidator. The 180-day period for resolution had expired. The RP/Applicant requested the appointment of a new liquidator. The State Bank of India expressed no objection for pronouncement of liquidation order.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the liquidation of the Corporate Debtor, Today's …

**Ratio:** Section 33(2) of the IBC allows for the liquidation of a corporate debtor when the COC

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**Reasoning:** The COC, in its 11th meeting, resolved to proceed with liquidation due to the

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** Given the COC's decision and the expiration of the resolution period, the

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## Parties

- **Judges:** Harihar Prakash…
- **Appellants:** AKR Adv…
- **Respondents:** Today's Writing…; Anurag…

## Timeline

- **2018-06-19 — E-voting for Li…**: E-voting held on 19th and 20th…
- **2018-06-29 — COC Meet…**: The COC in its 11th meeting held on 29.06.2018 resolved that it is not possible to have a…

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