# In the matter of Advantage Overseas Private Limited

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00150. The case pertains to IA-96/2024 filed in C.P.(IB)/496(MB)/2023. The Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advantage-overseas-private-limited-20780a5a

## Summary

### Background

The case pertains to IA-96/2024 filed in C.P.(IB)/496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An interim resolution professional was appointed, and the Committee of Creditors (CoC) was formed. The applicant published Form G inviting Expression of Interest (EoI) for Prospective Resolution Applicants (PRAs) in two local newspapers. Despite receiving EoIs and resolution plans, no resolution plan was approved by the CoC. The CoC ultimately resolved to liquidate the Corporate Debtor.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted, and CIRP commenced. An interim resolution professional was appointed, who was later appointed as the Resolution Professional (RP). The RP convened nine Committee of Creditors (CoC) meetings and sought a 90-day extension of the CIRP period. The RP published Form G inviting Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs) and received multiple EoIs and resolution plans. However, no resolution plan was approved by the CoC. The CoC, in its ninth meeting, resolved to liquidate the Corporate Debtor due to the absence

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Advantage Overseas Private Limited, should be liquidated due to the …

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

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**Reasoning:** The court reasoned that since the CIRP had failed to produce a viable resolution plan,

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails and the CoC

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**Application:** In this case, the CoC's decision to liquidate, coupled with the failure of the

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## Parties

- **Judges:** SANJIV…; KISHORE VEMULAPALL…
- **Appellants:** State Bank of…
- **Respondents:** Advantage…

## Timeline

- **2023-11-10 — Order for CIRP…**: Tribunal order in Company Petition (IB)-496(MB)/2023 admitting the petition filed by…
- **2023-12-08 — Appointment as…**: Resolution Professional (RP) appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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