# In the matter of Glance Investments (India) Private Limited

> NCLT judgment dated 2024-01-08. Citation: TCN-2024-NCLT-03255. The case involves an application filed under sections 33 and 34 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Jan 2024
- **Citation:** TCN-2024-NCLT-03255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glance-investments-india-private-limited-a486c57f

## Summary

### Background

The case involves an application filed under sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, by Mr. Manoj Kumar Jain, the Resolution Professional (RP) of Glance Investment (India) Private Limited, seeking a liquidation order. The application is based on a resolution passed by the Committee of Creditors (CoC) during its 4th meeting held on December 19, 2022. CP No. (IB)-87 (MB)/2022 was admitted by the Tribunal on July 8, 2022, and Mr. Manoj Kumar Jain was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting proof of claims, which was published in the newspapers Free Press Journal and Navshakti on July 13, 2022. The first CoC meeting was held on August 3, 2022, where the applicant informed that he had

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## Facts

Mr. Manoj Kumar Jain, the Resolution Professional (RP) of Glance Investment (India) Private Limited, filed an application under sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order. CP No. (IB)-87 (MB)/2022 was admitted on 08.07.2022. Mr. Jain was appointed as the Interim Resolution Professional (IRP) and later as the RP. The IRP issued a public announcement on 13.07.2022, inviting proof of claims. The first CoC meeting was held on 03.08.2022, where it was informed that two claims from Financial Creditors were received. The RP appointed two Registered Valuers on 22.09.2022 to determine the liquidation and fair value of the Corporate Debtor. A paper publication in Form G was made on 23.09.2022, inviting Expression of Interest

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## Issues and analysis

### Issue 1: Whether the application filed under sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** The application is maintainable if the Committee of Creditors (CoC) has approved the

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor as a going concern during its

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**Interpretation:** Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, provide the

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**Application:** The CoC's decision to liquidate the Corporate Debtor, coupled with the absence

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Manoj Kuma…
- **Respondents:** Glance Investments…; Implenia Services…
- **Advocates:** Tanmay K…; Aniruth Purusotham…

## Timeline

- **2022-07-08 — Admission of CP No.…**: CP No. (IB)-87 (MB)/2022 was…
- **2022-07-08 — Appointment…**: Mr. Manoj Kumar Jain was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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