# In the matter of World Consulting & Research Corporation Pvt. Ltd. C.A. 777 (PB) -2019 in Company Petition No. 1081-2016

> NCLT judgment dated 2019-08-07. Citation: TCN-2019-NCLT-02049. The case involves an application filed by the Resolution Professional under Section 33 of the…

- **Court:** NCLT
- **Order date:** 7 Aug 2019
- **Citation:** TCN-2019-NCLT-02049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/world-consulting-research-corporation-pvt-ltd-ca-777-pb-2019-in-company-petition-75549938

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/s. World Consulting & Research Corporation Private Limited. The operational creditor, Mr. Tathagata Bhattacharya, had initially filed an application under Sections 433, 434 & 439 of the Companies Act, 2013, before the Hon'ble High Court of Delhi, which was later transferred to the NCLT. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-01-08. Mr. Pankaj Khetan was appointed as Interim Resolution Professional (IRP).

## Facts

The corporate debtor, M/s. World Consulting & Research Corporation Pvt. Ltd., is a consultancy firm with limited assets, primarily vehicles, of which only one car remains. An application was filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, for liquidation. The operational creditor, Mr. Tathagata Bhattacharya, had previously filed a Company Petition No. 1081/2016 before the Hon'ble High Court of Delhi, which was later transferred to the NCLT. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-01-08. HDFC Bank, the sole member of the committee of creditors, objected to further CIRP expenses and requested the dissolution of the corporate debtor. The Corporate Insolvency Resolution Period has

…

## Issues and analysis

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

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

…

**Reasoning:** The court reasoned that in the absence of any resolution plan or possibility of revival

…

**Interpretation:** Section 33(2) provides a clear legal basis for ordering liquidation when CIRP

…

**Application:** In this case, the corporate debtor had no resolution plan, the CIRP period had

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Umesh…
- **Respondents:** M/s World…
- **Advocates:** Vaibhav M…; Ranveet…; +2 more

## Timeline

- **2016-01-01 — Company Petiti…**: Company Petition No. 1081/2016 filed…
- **2018-01-08 — CIRP Init…**: Corporate Insolvency Resolution Process…

## Legal provisions

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

---

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/world-consulting-research-corporation-pvt-ltd-ca-777-pb-2019-in-company-petition-75549938