# In the matter of Explo Media Private Limited

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-02673. The document pertains to several Interlocutory Applications (IAs) filed in a case under the…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-02673
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/explo-media-private-limited-41e1ca84

## Summary

### Background

The document pertains to several Interlocutory Applications (IAs) filed in a case under the Insolvency and Bankruptcy Code (IBC), 2016. The primary application, IA-361/2023, sought the liquidation of the Corporate Debtor (CD). The CoC had resolved to liquidate the CD in its 9th meeting on 2022-11-22. The Adjudicating Authority is considering this application under Section 33(2) of the IBC, 2016.

## Facts

M/s. T & D Hospitality India LLP filed an application under Section 9 of the IBC, 2016, against M/s. Explo Media Private Limited. The CoC resolved to liquidate the Corporate Debtor (CD) in its 9th meeting on 2022-11-22. IA-361/2023 was filed seeking the liquidation of the CD under Section 33(2) of the IBC, 2016. Rakesh Takyar was appointed as the Liquidator. The Adjudicating Authority ordered the liquidation of the CD. IA-2071/2023, seeking to expedite the hearing of IA-361/2023, was disposed of as infructuous. IA-4330/2022 was dismissed as withdrawn. IA-2951/2022 and IA-2985/2022 were proceeded ex-parte. IA-5647/2022 was disposed of as infructuous. IA-1787/2022 was allowed, directing members of the suspended Board of Directors and the Statutory Auditor to provide

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the IBC, …

**Ratio:** Section 33(2) of the IBC, 2016, provides that where the resolution professional intimates

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor. The Adjudicating Authority is bound

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**Interpretation:** Section 33(2) mandates the Adjudicating Authority to order liquidation when the

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**Application:** The CoC decided to liquidate the Corporate Debtor. Therefore, the Adjudicating

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** M/s. T & D…
- **Respondents:** M/s. Explo Media…

## Timeline

- **2022-11-22 — CoC Meet…**: The Committee of Creditors (CoC) held its 9th meeting and passed a resolution to…
- **2023-07-05 — Order Del…**: The Adjudicating Authority delivered the order for the liquidation of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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