# In the matter of Glory Furnishers Private Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00068. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/glory-furnishers-private-limited-1dc85cf2

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Glory Furnishers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Glory Furnishers Private Limited on a petition filed by Tata Capital Limited, the financial creditor, under Section 7 of the IBC. Vikky Dang was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite publishing Form G, no resolution plan was received. The CoC approved the liquidation of the Corporate Debtor with 100% voting.

## Facts

Tata Capital Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Glory Furnishers Private Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Vikky Dang was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Form G was published to invite resolution plans, but none were received. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% voting in the 6th CoC meeting. The CoC also assessed the possibility of selling the Corporate Debtor as a going concern and resolved to contribute towards the liquidation costs, estimated at Rs. 9 Lakh (excluding liquidator fee). The RP then filed an

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Glory Furnishers Private Limited, …

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

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**Reasoning:** The Adjudicating Authority considered the submission made by the counsel and perused the

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**Interpretation:** Section 33(2) provides a clear framework for liquidation when resolution

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**Application:** In this case, the CoC approved the liquidation with 100% voting, satisfying the

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## Parties

- **Judges:** Labh S…; Ms Rekha Kantilal…
- **Respondents:** Glory Furnishers…
- **Advocates:** Mr.Cardin…; Ms.Atul S…

## Timeline

- **2024-03-22 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2024-04-22 — Appointment of…**: In the 1st CoC meeting, Mr. Vikky Dang was…

## 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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