# In the matter of Vinod Cotton Corp. Pvt. Ltd. IB-1133-ND-2019

> NCLT judgment dated 2020-08-31. Citation: TCN-2020-NCLT-00755. The case pertains to an application filed by the Resolution Professional (RP) seeking an order…

- **Court:** NCLT
- **Order date:** 31 Aug 2020
- **Citation:** TCN-2020-NCLT-00755
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vinod-cotton-corp-pvt-ltd-ib-1133-nd-2019-105dc9db

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) seeking an order for liquidation of the corporate debtor, as approved by the Committee of Creditors (CoC). The applicant confirmed that the CoC has approved him to act as Liquidator.

## Facts

M/s Jammu and Kashmir Bank Ltd. filed a petition under Section 7 of the IBC against M/s Vinod Cotton Corp. Pvt. Ltd. The Resolution Professional (RP) filed an application seeking an order for liquidation of the corporate debtor, which was approved by the Committee of Creditors (CoC). The CoC confirmed the RP's appointment as Liquidator. The RP informed the Tribunal that the CoC wanted him to act as Liquidator. The Tribunal then appointed the existing RP as Liquidator and directed him to take steps for publication and comply with all other requirements prescribed under law. The Liquidator is also directed to approach CoC and the CoC is directed to fix his fee as per law. The fee fixation details may be raised before the Tribunal by Liquidator within 10 days.

## Issues and analysis

### Issue 1: Whether the Tribunal should approve the liquidation of the corporate debtor as requested by the …

**Ratio:** The approval of the Committee of Creditors (CoC) for liquidation is a significant factor

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**Reasoning:** The Tribunal considered the RP's application and the CoC's approval for liquidation. The

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**Interpretation:** The interpretation of the IBC emphasizes the importance of the CoC's decisions

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**Application:** In this case, the CoC's approval for liquidation, as conveyed by the RP, was a

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## Parties

- **Judges:** P.S.N. P…; SUMITAPURKA…
- **Appellants:** M/s. Jammu and…
- **Respondents:** M/s. Vinod Cotton…

## Timeline

- **2020-08-31 — Order Del…**: Order delivered on…
- **2020-09-18 — Next Hearin…**: Matter to be posted on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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