# In the matter of Wearit Global Limited

> NCLT judgment dated 14 Nov 2024. Citation: TCN-2024-NCLT-00221. The present application was filed by the Resolution Professional (RP) of Wearit Global Ltd.…

- **Court:** NCLT
- **Order date:** 14 Nov 2024
- **Citation:** TCN-2024-NCLT-00221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wearit-global-limited-e856f00c

## Summary

### Background

The present application was filed by the Resolution Professional (RP) of Wearit Global Ltd. (Corporate Debtor) seeking the initiation of liquidation proceedings for the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) for Wearit Global Ltd. was initiated on April 8, 2022, based on a petition filed by Lomat International NV, an operational creditor, under Section 9 of the IBC. Ms. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Wearit Global Limited (Corporate Debtor) commenced on April 8, 2022, following a petition filed by Lomat International NV, the Operational Creditor, under Section 9 of the IBC, 2016. Ms. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) by the Tribunal.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Wearit Global Ltd., should be ordered for liquidation under Section…

**Ratio:** When the Committee of Creditors, with the requisite majority, resolves for the…

**Reasoning:** The Committee of Creditors (CoC) had, with a 100% voting share, resolved to liquidate the…

**Interpretation:** The court interpreted Section 33(2) of the IBC as a mandatory provision that…

**Application:** Given that the CoC had unanimously voted for liquidation and no resolution plan…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Advocates:** For the Resolution…; Shreya Chowdhury,…; +1 more

## Timeline

- **April 8, 2022 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **April 11, 2022 — Public Annou…**: Resolution Professional made a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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