# In the matter of Explo Media Private Limited

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-02659. The case involves an application (IA-361/2023) preferred under Section 33(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-02659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/explo-media-private-limited-a2c8e08f

## Summary

### Background

The case involves an application (IA-361/2023) preferred under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC) had resolved to liquidate the Corporate Debtor in its 9th meeting on 2022-11-22. Several other IAs are also mentioned, including IA-2071/2023 (for expediting the hearing of IA-361/2023), IA-1787/2022, IA-4330/2022, IA-2951/2022, IA-2985/2022, and IA-5647/2022. IA-4330/2022 was withdrawn by the applicant, and IA-5647/2022 was disposed of as infructuous.

## Facts

M/s. T & D Hospitality India LLP filed an application for the liquidation of the Corporate Debtor, M/s. Explo Media Private Limited, under Section 9 of the IBC, 2016. The CoC resolved to liquidate the Corporate Debtor in its 9th meeting held on 2022-11-22. Rakesh Takyar was appointed as the Liquidator. The Adjudicating Authority considered the CoC's decision and the provisions of Section 33 of the IBC, 2016. The court also addressed several interlocutory applications (IAs), including one for expediting the hearing of the main application (IA-2071/2023), one seeking directions to the suspended Board of Directors (IA-1787/2022), and one where the applicant sought to withdraw the application (IA-4330/2022).

## 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, mandates that upon being informed of the decision of the

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**Reasoning:** The court relied on the resolution passed by the CoC to liquidate the Corporate Debtor.

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** The CoC had resolved to liquidate the Corporate Debtor. Therefore, the

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** M/s. T & D…
- **Respondents:** M/s. Explo Media…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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