# In the matter of Xedon Media Private Limited MA-1037-2019 in CP-566-IB-CB-2018

> NCLT judgment dated 2019-11-28. Citation: TCN-2019-NCLT-00400. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Nov 2019
- **Citation:** TCN-2019-NCLT-00400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xedon-media-private-limited-ma-1037-2019-in-cp-566-ib-cb-2018-9614d537

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order for M/s. Xedon Media Private Limited. The Resolution Professional (RP) filed the application based on a resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on 31.08.2019. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.03.2019. The RP was appointed in the first meeting of the CoC held on 09.04.2019 and appointed two registered valuers to value the assets of the company. The average liquidation value was determined to be ₹1,10,47,712, and the total claim amount was ₹5,05,82,000 as of 31.08.2019. An Information Memorandum was prepared, and Form-G was published on

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## Facts

M/s. Xedon Media Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.03.2019. Mr. Arumugam Arumugam was appointed as the Resolution Professional (RP) after the first meeting of the Committee of Creditors (CoC) held on 09.04.2019. The RP appointed two registered valuers to assess the company's assets. The average liquidation value was determined to be ₹1,10,47,712, while the total claim amount stood at ₹5,05,82,000 as of 31.08.2019. An Information Memorandum was prepared, and Form-G was published on 12.06.2019, inviting Expressions of Interest (EOI). Two EOIs were received, with Ravi Jana, the Ex-Director, being the sole applicant in the final list. Ravi Jana was given an opportunity to submit a resolution plan along with an Earnest

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the IBC, 2016 is justified given the …

**Ratio:** Section 33(2) of the IBC, 2016 allows the Adjudicating Authority to pass a liquidation

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**Reasoning:** The Adjudicating Authority considered the application and the averments made therein,

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the RP followed the prescribed procedures, but no viable

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** ArumugamAr…
- **Respondents:** M/s. Xedon Media…

## Timeline

- **2019-03-11 — Admission in…**: M/s. Xedon Media Private Limited was admitted into Corporate Insolvency Resolution…
- **2019-04-09 — RP Appoin…**: Mr. Arumugam Arumugam was appointed as the Resolution Professional (RP) after the first…

## 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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