# 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-02043. 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-02043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/world-consulting-research-corporation-pvt-ltd-ca-777-pb-2019-in-company-petition-9a226a12

## 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, and Mr. Pankaj Khetan was appointed as the Interim Resolution Professional (IRP).

## Facts

The operational creditor, Mr. Tathagata Bhattacharya, initiated proceedings against M/s World Consulting & Research Corporation Pvt. Ltd. under the Companies Act, 2013, which were later transferred to the NCLT. The NCLT admitted the application on 2018-01-08, initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor was a consultancy firm with limited assets, primarily three vehicles, two of which were already sold. HDFC Bank, the sole member of the committee of creditors, objected to further CIRP expenses, stating that the company's only remaining asset was a car valued at Rs 9.75 lacs as per the valuation report dated 2019-01-11. The Corporate Insolvency Resolution Period had expired, and there was no resolution plan or possibility of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. World Consulting & …

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

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

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if there is no prospect of

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**Application:** The court applied this ratio to the facts of the case, noting that the CIRP

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## 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 was filed…
- **2018-01-08 — CIRP Init…**: The application was admitted by the Tribunal, initiating the Corporate Insolvency…

## Legal provisions

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

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