# In the matter of Vivid IT Solutions Pvt. Ltd. (IB)-1091(ND)18

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03802. The case involves an application (CA 482/2019) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivid-it-solutions-pvt-ltd-ib-1091nd18-66bd7ab0

## Summary

### Background

The case involves an application (CA 482/2019) filed by the Resolution Professional (RP) under Section 33(2) and Section 60(5) of the IBC Code, seeking an order for the liquidation of the Corporate Debtor. The application is supported by an affidavit and indicates that the Committee of Creditors (COC), consisting solely of Indian Overseas Bank, has passed a resolution directing the RP to file the application.

## Facts

The Resolution Professional (RP) filed CA 482/2019 under Section 33(2) and Section 60(5) of the IBC Code, seeking liquidation of the Corporate Debtor. The Committee of Creditors (COC), solely comprised of Indian Overseas Bank, resolved to direct the RP to file the liquidation application. No resolution plan was received during the CIR process, leading to the application for liquidation. The RP's name was proposed as the liquidator, and his consent was annexed. The court considered the COC's decision and the absence of a resolution plan.

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) and Section 60(5) of the IBC Code …

**Ratio:** The natural culmination of the CIR process, when no resolution plan is received, is

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**Reasoning:** The court reasoned that since no resolution plan was received, the CIR process should

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**Interpretation:** Section 33(2) and Section 60(5) of the IBC Code, in conjunction with the CIR

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**Application:** In this case, the absence of a resolution plan and the COC's decision to

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Pro Sportify Pvt.…

## Timeline

- **2019-04-22 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-01-01 — Filing of CA…**: CA 482/2019 filed by the Resolution Professional under Section 33(2) and Section 60(5) of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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