# In the matter of Fortune Graphics Limited

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01915. The case involves Daimler Financial Services Pvt. Ltd as the Petitioner/Applicant and Fortune…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fortune-graphics-limited-753441e0

## Summary

### Background

The case involves Daimler Financial Services Pvt. Ltd as the Petitioner/Applicant and Fortune Graphics Limited as the Respondent. The order pertains to Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. The Liquidator has not appeared for hearings, nor has taken further steps after the liquidation order dated 10.04.2019, causing the case to be pending for over three years.

## Facts

Daimler Financial Services Pvt. Ltd initiated proceedings against Fortune Graphics Limited under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. A liquidation order was passed on 2019-04-10. The Liquidator has failed to appear for multiple hearings and has not taken any further steps in the matter for over three years. This has resulted in the case being pending for an extended period. The court views the Liquidator's inaction as a sign of callousness and indifference. IA-1238/2021, CA-1255/2019, CA-1256/2019 were also called for hearing, but no one appeared on behalf of the applicant.

## Issues and analysis

### Issue 1: Whether the IBBI should take action against the Liquidator for not appearing and not taking further …

**Ratio:** A Liquidator has a duty to diligently pursue the liquidation process and ensure timely

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**Reasoning:** The court observed that the Liquidator's absence and inaction for over three years

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**Interpretation:** The IBC mandates that liquidators must actively manage and expedite the

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**Application:** Given the Liquidator's prolonged absence and inaction, the court directs the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Daimler Financial…
- **Respondents:** Fortune Graphics…

## Timeline

- **2019-04-10 — Liquidation…**: Liquidation order was…
- **2023-08-25 — Order Del…**: Order delivered by the NCLT, directing IBBI to take action against the Liquidator and…

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