# In the matter of Advantage Overseas Private Limited

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00158. The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advantage-overseas-private-limited-48147c06

## Summary

### Background

The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced, and an Interim Resolution Professional was appointed. The Resolution Professional (RP) convened multiple Committee of Creditors (CoC) meetings to explore resolution plans. However, no resolution plan was approved, leading the CoC to resolve for liquidation of the Corporate Debtor.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing Company Petition (IB)-496(MB)/2023 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 made public announcements inviting claims from creditors. The RP also invited Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs). Despite receiving EoIs and Resolution Plans, none were approved by the Committee of Creditors (CoC). The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. The CoC, therefore, resolved to

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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 initiation

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**Reasoning:** The court reasoned that despite efforts to find a resolution plan, none was approved by

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when the CIRP is

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**Application:** In this case, the CIRP failed, and the CoC resolved to liquidate the Corporate

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## Parties

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

## Timeline

- **2023-11-10 — Order for Company…**: Tribunal passed an order in Company Petition (IB)-496(MB)/2023, filed under Section 7 of…
- **2023-12-08 — First CoC M…**: The Resolution Professional (RP) was…

## 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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