# In the matter of TVC Retail Ltd. MA-604-2018 in C.P. (IB)-1370(MB)-2017

> NCLT judgment dated 2019-09-18. Citation: TCN-2019-NCLT-01406. The case involves an application seeking an order for liquidation of the Corporate Debtor. The…

- **Court:** NCLT
- **Order date:** 18 Sept 2019
- **Citation:** TCN-2019-NCLT-01406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tvc-retail-ltd-ma-604-2018-in-cp-ib-1370mb-2017-5d2f3af4

## Summary

### Background

The case involves an application seeking an order for liquidation of the Corporate Debtor. The Resolution Professional (RP) explained the position and referred to a COC Resolution dated 17.12.2018, where liquidation was unanimously resolved. The RP also informed that there was non-cooperation from the Directors and hardly any business transaction. The last drawn balance sheet dated 13.03.2019 showed minimal assets.

## Facts

Smart Soft India Solution Pvt. Ltd. is undergoing insolvency proceedings. The Resolution Professional (RP) sought an order for liquidation, referencing a COC resolution from 17.12.2018 that unanimously approved liquidation. The RP reported non-cooperation from the company's directors and minimal business activity. The company's last balance sheet, dated 13.03.2019, revealed limited assets: Rs. 3,64,888 in a bank account and Rs. 2,34,200 in cash. The RP suggested early dissolution. MA-604/2019 is an application for hearing to the Show Cause Notice issued to the Key Managerial Persons of the Respondents for invoking jurisdiction under section 72 of the I&B Code.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated based on the COC resolution and the RP's …

**Ratio:** The resolution of the Committee of Creditors (COC) holds significant weight in the

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**Reasoning:** The court considered the COC's unanimous resolution for liquidation, the RP's report on

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**Interpretation:** The COC's resolution is interpreted as a key indicator of the creditors'

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**Application:** In this case, the COC's resolution, combined with the RP's report on the

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## Parties

- **Judges:** M.K. Sh…; Chandra Bha…
- **Respondents:** Smart Soft India…; TVC Retai…

## Timeline

- **2018-12-17 — COC Resol…**: COC Resolution No. 6 resolved unanimously…
- **2019-01-07 — Application for…**: MA-95/2019 - An Application seeking an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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