# In the matter of TVC Skyshop Ltd. MA 1862-2019 in CP(IB)1801(MB)-2017

> NCLT judgment dated 2019-05-30. Citation: TCN-2019-NCLT-03133. The case pertains to MA 1862/2019 filed in CP(IB)1801(MB)/2017 under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 30 May 2019
- **Citation:** TCN-2019-NCLT-03133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tvc-skyshop-ltd-ma-1862-2019-in-cpib1801mb-2017-59e18bfb

## Summary

### Background

The case pertains to MA 1862/2019 filed in CP(IB)1801(MB)/2017 under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, TVC Sky Shop Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by Reliance Communications and Infrastructure Ltd under Section 9 of the IBC, 2016. Mr. Sundararajan Devanathan was appointed as the Interim Resolution Professional (IRP) on 28.08.2018 and later continued as the Resolution Professional (RP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against TVC Sky Shop Ltd based on an application filed by Reliance Communications and Infrastructure Ltd under Section 9 of the IBC, 2016. Mr. Sundararajan Devanathan was appointed as the Interim Resolution Professional (IRP) on 2018-08-28. The statutory period for completion of CIRP was to end on 2019-02-24. An extension of 90 days was granted by the Adjudicating Authority. No resolution plan was submitted during the CIRP. The Committee of Creditors (CoC), in its sixth meeting held on 2019-05-17, resolved with a 100% vote share to liquidate the Corporate Debtor under Section 33(2) of the IBC, 2016. The Resolution Professional filed MA 1862/2019 seeking liquidation of the Corporate Debtor. No claims were

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Adjudicating Authority to pass a liquidation

…

**Reasoning:** The CoC, in its sixth meeting held on 2019-05-17, passed a resolution with a 100% vote

…

**Interpretation:** Section 33(2) of the IBC provides a mechanism for the liquidation of a

…

**Application:** Given the CoC's resolution with a 100% vote share, the Adjudicating Authority

…

## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Sundararajan…
- **Respondents:** TVC Sky Sho…; Reliance Communica…

## Timeline

- **2017-01-01 — CP(IB)1801(M…**: The original case…
- **2018-08-28 — Appointment…**: Mr. Sundararajan Devanathan was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/tvc-skyshop-ltd-ma-1862-2019-in-cpib1801mb-2017-59e18bfb