# In the matter of Good Value Marketing Company Limited MA 3345-MB-C-II-2019 In CP (IB) 1408-MB-C-II-2017

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01916. The case pertains to an application filed for the liquidation of the Corporate Debtor, Good…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/good-value-marketing-company-limited-ma-3345-mb-c-ii-2019-in-cp-ib-1408-mb-c-ii-f3c7b883

## Summary

### Background

The case pertains to an application filed for the liquidation of the Corporate Debtor, Good Value Marketing Co Limited, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was initially placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution possibilities. However, due to the absence of any viable resolution plan and the company's continued losses, the CoC unanimously decided to liquidate the Corporate Debtor.

## Facts

The Corporate Debtor, Good Value Marketing Co Limited, was placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The first CoC meeting was held on 2019-02-18, where the IRP expressed his ability to continue as Resolution Professional. In the second CoC meeting on 2019-12-17, it was decided to call for registered valuers for valuation of assets. The third CoC meeting on 2019-06-10 revealed that no Expressions of Interest (EOI) were received despite publications on 2019-04-17 and 2019-05-03. The CoC approved the appointment of two Registered Valuers. In the fourth CoC meeting on 2019-07-12, the CoC was informed that the 180-day period would expire on

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Good Value Marketing Co Limited, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows for the initiation of

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**Reasoning:** The court reasoned that the CoC had unanimously resolved to liquidate the Corporate

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if there is no prospect

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**Application:** In this case, the CoC decided to liquidate the Corporate Debtor because no

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Manoj Kuma…
- **Respondents:** Good Value…; Sudam A. K…
- **Advocates:** Yahya Bata…

## Timeline

- **2018-12-28 — CIRP Init…**: Corporate Debtor placed under CIRP vide order dated 2018-12-28, on an Application filed…
- **2019-02-18 — First CoC M…**: The Applicant Resolution Professional constituted the Committee of creditors and called…

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