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

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03811. 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-03811
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivid-it-solutions-pvt-ltd-ib-1091nd18-6cdde42f

## 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 states that the Committee of Creditors (COC), consisting solely of Indian Overseas Bank, has passed a resolution directing the RP to file the application. No resolution plan was received, leading to the natural culmination of the Corporate Insolvency Resolution (CIR) process into liquidation.

## 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), consisting solely of Indian Overseas Bank, passed a resolution directing the RP to file the liquidation application. No resolution plan was received during the Corporate Insolvency Resolution Process (CIRP). The RP's name has been proposed as the liquidator, and their consent is annexed. The COC's decision to liquidate was based on the absence of a resolution plan. The application was filed before the New Delhi Bench of the National Company Law Tribunal (NCLT) on April 22, 2019.

## Issues and analysis

### Issue 1: Whether the application for liquidation filed by the Resolution Professional should be approved …

**Ratio:** The natural culmination of the CIR process, in the absence of a resolution plan, 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 allow for the initiation of

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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:** M/s. Pro Sportify…

## 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…

## 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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