# In the matter of Euro Multivision Limited

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01349. The case involves an application (I.A. No. 4199/2023) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01349
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euro-multivision-limited-8d65953e

## Summary

### Background

The case involves an application (I.A. No. 4199/2023) filed by the Resolution Professional, Mr. Jigar Shah, seeking liquidation of the Corporate Debtor, Euro Multivision Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on November 10, 2022. Mr. Jigar Shah was appointed as the Resolution Professional on December 22, 2022. The IRP published a public announcement of the CIRP initiation in newspapers on November 13, 2022. A Committee of Creditors (CoC) was constituted on November 30, 2022. Ten CoC meetings were held between December 6, 2022, and August 8, 2023. The applicant appointed two sets of valuers for each class of assets. The Tribunal granted exclusion and extension of time

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Euro Multivision Limited. The CIRP was initiated on November 10, 2022. Jigar Shah was appointed as the Resolution Professional (RP) on December 22, 2022. The RP published a public announcement of the CIRP initiation in newspapers on November 13, 2022. A Committee of Creditors (CoC) was constituted on November 30, 2022. Ten CoC meetings were held between December 6, 2022, and August 8, 2023. The applicant appointed two sets of valuers for each class of assets. The Tribunal granted exclusion and extension of time for CIRP from May 10, 2023, to September 4, 2023. An Expression of Interest (EOI) was published on January 17, 2023. Only one resolution plan was received from Waree

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Euro Multivision Limited, under …

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

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**Reasoning:** The Committee of Creditors (CoC) in its 10th meeting, with 100% voting, resolved to

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** Since no resolution plan was approved and the CoC unanimously resolved to

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## Parties

- **Judges:** Reeta K…; SANJIV…
- **Appellants:** State Bank of…
- **Respondents:** Euro Multivision…
- **Advocates:** Prashant Ph…; Deep D…; +2 more

## Timeline

- **2022-11-10 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-11-13 — Public Annou…**: The erstwhile IRP published Form A i.e. Public Announcement of the initiation of the CIRP…

## 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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