# In the matter of Vibha Overseas Exim Private Limited CA-392-C-III-2019 in CP-IB-709-ND-2018

> NCLT judgment dated 2019-10-17. Citation: TCN-2019-NCLT-00937. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Oct 2019
- **Citation:** TCN-2019-NCLT-00937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vibha-overseas-exim-private-limited-ca-392-c-iii-2019-in-cp-ib-709-nd-2018-a48197ac

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Vibha Overseas Exim Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the I&B Code, 2016, by the Corporate Debtor itself. Mr. Vishnu Dutt was appointed as the Interim Resolution Professional (IRP). The IRP took over the management of the Corporate Debtor and issued newspaper publications inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and in its 2nd meeting, it was resolved that the Corporate Debtor be liquidated. The Resolution Professional was authorized to take necessary steps to give

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## Facts

The Corporate Debtor, Vibha Overseas Exim Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after an application was filed under Section 10 of the I&B Code, 2016. Mr. Vishnu Dutt was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The IRP took over the management and issued newspaper publications to invite claims from creditors. The Committee of Creditors (CoC) was formed, and in its 2nd meeting on March 18, 2019, it was resolved to liquidate the Corporate Debtor. The Resolution Professional appointed valuers to assess the assets, and their reports were recorded. Union Bank of India, the sole member of the CoC with 100% voting rights, voted in favor of liquidation. No resolution plan was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Vibha Overseas Exim Private Limited, should be liquidated due to the …

**Ratio:** Section 30(6) of the I&B Code, 2016, read with Section 33(2), provides that if no

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received within the 180-day

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**Interpretation:** The I&B Code mandates liquidation when no resolution plan is received

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**Application:** In this case, since no resolution plan was received and the CoC resolved for

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## Parties

- **Judges:** Ch. Mohd Sharief…; K.K. V…
- **Appellants:** Vishnu…
- **Respondents:** Vibha Overseas…

## Timeline

- **2018-10-05 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated by the Authority vide…
- **2018-12-05 — IRP Takes…**: The IRP took over the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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