# In the matter of Aakriti Info-Media Pvt. Ltd. I.A. 4079-ND-2022 in Company Petition No. (IB) 1899-ND-2019

> NCLT judgment dated 2023-03-09. Citation: TCN-2023-NCLT-04280. The case pertains to an application filed by the Interim Resolution Professional (IRP), Mr.…

- **Court:** NCLT
- **Order date:** 9 Mar 2023
- **Citation:** TCN-2023-NCLT-04280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aakriti-info-media-pvt-ltd-ia-4079-nd-2022-in-company-petition-no-ib-1899-nd-201-672aea16

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP), Mr. Rakesh Bhatia, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Aakriti Info Media Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 10.06.2022. The IRP made a public announcement on 15.06.2022 and constituted a Committee of Creditors (CoC) comprising Cargo Planners Limited and the Department of Trade & Taxes NCT of Delhi. The first CoC meeting was scheduled for 15.07.2022, but lacked the required quorum. In the first CoC meeting, the IRP placed the agenda for the appointment of the Resolution Professional, but the CoC did not vote for it

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## Facts

The Interim Resolution Professional (IRP), Mr. Rakesh Bhatia, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, Aakriti Info Media Pvt. Ltd. The CIRP was initiated on 10.06.2022. A public announcement was made on 15.06.2022. The Committee of Creditors (CoC) comprised Cargo Planners Limited and the Department of Trade & Taxes NCT of Delhi. The first CoC meeting on 15.07.2022 lacked quorum. In the first meeting, the CoC did not vote for the appointment of the Resolution Professional and instead proposed liquidation, citing the Corporate Debtor's non-operational status since 2018. The IRP expressed unwillingness to act as the Liquidator. The Department of Trade &

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## Issues and analysis

### Issue 1: Whether the application filed by the Interim Resolution Professional (IRP) under Section 33(2) of …

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

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**Reasoning:** The Tribunal considered the provisions of Section 33(2) of the IBC and noted that the CoC

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** In this case, the CoC approved the resolution for liquidation with 100% voting

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Cargo Planners…
- **Respondents:** Aakriti Info-Media…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2022-06-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Aakriti Info Media…

## 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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