# In the matter of Umrai Worldwide Pvt. Ltd. IA-2161MB-2020 in CP(IB)-552-MB-2019

> NCLT judgment dated 2021-09-02. Citation: TCN-2021-NCLT-01225. The case involves an application (IA 2161 of 2020) filed under Section 33(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 2 Sept 2021
- **Citation:** TCN-2021-NCLT-01225
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/umrai-worldwide-pvt-ltd-ia-2161mb-2020-in-cpib-552-mb-2019-8532fc89

## Summary

### Background

The case involves an application (IA 2161 of 2020) filed under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) 2016 for the liquidation of Umrai Worldwide Pvt. Ltd. subsequent to a Committee of Creditors (CoC) resolution. The CoC approved the filing of the application and the appointment of a liquidator. The IRP had collated claims and constituted a CoC comprising of one financial creditor. The applicant also published an invitation for expression of interest in Form G.

## Facts

The key facts are as follows: IA 2161 of 2020 was filed for the liquidation of Umrai Worldwide Pvt. Ltd. under Section 33(1) of the IBC. The 5th CoC resolution, dated 15.10.2020, approved the filing of the liquidation application and the appointment of Mr. Krishna Gopal Maheshwari as the liquidator. The IRP collated claims and constituted a CoC with one financial creditor. The applicant published an invitation for expression of interest. No resolution plan was submitted. The CoC meeting on 15.10.2020 resolved to fix the liquidator fees. The court found that the RP had complied with the procedure under the IBC. These facts are relevant because they establish the procedural compliance and justification for initiating liquidation proceedings.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Umrai Worldwide Pvt. Ltd., under …

**Ratio:** Section 33(1) of the IBC allows for liquidation if no resolution plan is submitted before

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**Reasoning:** The court reasoned that since no resolution plan had been submitted, the case was fit to

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**Interpretation:** Section 33(1) is interpreted to mean that if the corporate insolvency

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**Application:** Since no resolution plan was submitted for Umrai Worldwide Pvt. Ltd., the court

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## Parties

- **Judges:** SH. CHANDRA BHAN…; SUCHITRAKAN…
- **Appellants:** Gopal Ratanlal…
- **Respondents:** Umrai Worldwide…

## Timeline

- **2020-06-13 — Publication of Invitation for Expression of…**: The applicant published the brief particulars of the invitation of expression of interest…
- **2020-06-29 — Last Date of S…**: The last date for submission of the…

## 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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