# In the matter of VNM Components Pvt. Ltd. (IB)-36-(ND)-2018

> NCLT judgment dated 2018-07-27. Citation: TCN-2018-NCLT-01054. CA 359/2018 was filed by the Resolution Professional (RP) under Section 33 of the Code. The RP…

- **Court:** NCLT
- **Order date:** 27 Jul 2018
- **Citation:** TCN-2018-NCLT-01054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vnm-components-pvt-ltd-ib-36-nd-2018-20dc29b4

## Summary

### Background

CA 359/2018 was filed by the Resolution Professional (RP) under Section 33 of the Code. The RP detailed the steps taken in the case. The Committee of Creditors (COC) convened on June 30, 2018, for its 4th and last meeting and resolved that the RP should file an application under Section 33 of the Code. No resolution plan was received after publication. The corporate debtor has had no business operations for the last 2 years and has no employees. The corporate debtor owns no immovable property, only plant and machinery in Noida depreciating in value.

## Facts

The Resolution Professional (RP) filed CA 359/2018 under Section 33 of the Code. The Committee of Creditors (COC) convened its 4th and last meeting on June 30, 2018, and resolved that the RP should file an application under Section 33 of the Code. No resolution plan was received after publication. The Corporate Debtor has had no business operations for the last 2 years and has no employees. The Corporate Debtor owns no immovable property, only plant and machinery in Noida depreciating in value. The COC unanimously approved liquidation of the Corporate Debtor. The RP's name has been proposed as the Insolvency Liquidator.

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Code should be allowed given the …

**Ratio:** Section 33 of the Code allows for liquidation when no resolution plan is received or

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**Reasoning:** The court reasoned that since no resolution plan was received and the COC unanimously

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**Interpretation:** Section 33 is interpreted to mean that if a resolution plan fails to

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**Application:** The absence of a resolution plan, coupled with the COC's unanimous approval,

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Respondents:** VNM Components…

## Timeline

- **2018-06-30 — COC Meet…**: The 4th and last meeting of the COC was convened, where a decision was taken to file an…
- **2018-07-27 — Hearing…**: Hearing before the New Delhi Bench of…

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