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

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03783. 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-03783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivid-it-solutions-pvt-ltd-ib-1091nd18-98c40448

## 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 stating that the Committee of Creditors (COC), with Indian Overseas Bank as its sole member, has passed a resolution directing the RP to file the liquidation application.

## Facts

The Resolution Professional (RP) filed an application (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 to direct the RP to file the liquidation application. No resolution plan was received during the Corporate Insolvency Resolution Process (CIRP). The RP's name was proposed as the liquidator, and his consent was annexed. The absence of a resolution plan is a key fact, leading to the natural progression of the CIRP towards liquidation. The COC's decision to liquidate is also a crucial fact influencing the court's decision.

## 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, in the absence of a resolution plan, is

…

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

…

**Interpretation:** Section 33(2) and Section 60(5) of the IBC Code, when read together, allow for

…

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

…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vivid-it-solutions-pvt-ltd-ib-1091nd18-98c40448