# In the matter of Visa Drugs & Pharmaceutical Private Limited IA No. 1390-KB-2020 in CP (IB) No. 1239/KB/2018

> NCLT judgment dated 2021-02-02. Citation: TCN-2021-NCLT-03164. The case pertains to an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/visa-drugs-pharmaceutical-private-limited-ia-no-1390-kb-2020-in-cp-ib-no-1239kb2-05d7c88a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional seeking liquidation of Visa Drugs & Pharmaceutical Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 05.12.2019, following a petition filed by Syndicate Bank & Union Bank of India (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. Despite efforts, no resolution plan was submitted, and the Committee of Creditors voted unanimously for liquidation.

## Facts

Syndicate Bank and Union Bank of India initiated insolvency proceedings against Visa Drugs & Pharmaceutical Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on December 5, 2019. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on December 11, 2019, setting December 19, 2019, as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on December 27, 2019. Despite multiple publications inviting expressions of interest, no resolution plan was submitted. The CoC voted unanimously on November 23, 2020, to liquidate the Corporate Debtor. The Resolution Professional filed an application (IA No. 1390/KB/2020) seeking liquidation. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) resolved by 100% voting share to liquidate the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the CoC voted unanimously (100% voting share) to liquidate the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Uday Naraya…
- **Respondents:** Visa Drugs &…
- **Advocates:** Utsav Muk…

## Timeline

- **2019-12-05 — Admission in…**: The Corporate Debtor…
- **2019-12-11 — Public Annou…**: The Interim Resolution…

## Legal provisions

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

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