# In the matter of Advantage Overseas Private Limited

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00153. 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-00153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advantage-overseas-private-limited-4f10b5a0

## Summary

### Background

The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited following an order dated 10.11.2023, based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) was appointed and convened multiple Committee of Creditors (CoC) meetings. The RP sought an extension of the CIRP period. However, no resolution plan was approved by the CoC, leading to a decision 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 on 10.11.2023, 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 invited Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs) but received limited interest, with some PRAs withdrawing. The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. As no resolution plan was approved, the CoC

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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 Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor as no

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when CIRP fails. The

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**Application:** In this case, the CoC voted for liquidation as no resolution plan was approved.

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## Parties

- **Judges:** SHRI. SANJI…; SHRI. KISHORE…
- **Appellants:** State Bank of…
- **Respondents:** Advantage…

## Timeline

- **2023-10-11 — Admission of…**: Company Petition (IB)-496(MB)/2023 filed by State Bank of India under Section 7 of the…
- **2023-12-08 — First CoC M…**: The Resolution Professional (RP) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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