# In the matter of Legend Artists Private Limited

> NCLT judgment dated 2024-07-05. Citation: TCN-2024-NCLT-01066. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jul 2024
- **Citation:** TCN-2024-NCLT-01066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/legend-artists-private-limited-1598ca8d

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Legend Artists Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against Legend Artists Private Limited based on a petition filed by Suzlon Energy Limited under Section 9 of the IBC, which was admitted on 04.07.2023. Mr. TVS Siva Prasad was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). The CoC voted for the liquidation of the corporate debtor in its fourth meeting held on 20.10.2023. The RP filed two IAs under section 19(2) of the IBC, 2016 seeking directions to GST Department, Pune and

…

## Facts

Suzlon Energy Limited initiated Corporate Insolvency Resolution Process (CIRP) against Legend Artists Private Limited by filing CP (IB) No. 191/BB/2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 04.07.2023. Mr. TVS Siva Prasad was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 21.07.2023. The first CoC meeting was held on 14.08.2023, comprising two operational creditors and no financial creditor. On 24.08.2023, the CoC confirmed the interim resolution professional as Resolution Professional. Two registered valuers were appointed on 31.08.2023 to determine the fair value and liquidation value of the Corporate Debtor. The directors of the Corporate Debtor were non-cooperative

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

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

…

**Reasoning:** The Adjudicating Authority noted that the application was filed before the expiry of the

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC determines that

…

**Application:** The CoC's decision to liquidate the Corporate Debtor, communicated by the

…

## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Suzlon Energy…
- **Respondents:** Legend Artists…

## Timeline

- **2022-01-01 — C.P. (IB) No.19…**: C.P. (IB) No.191/BB/2022…
- **2023-04-07 — Admission o…**: CP (IB) No. 191/BB/2022 filed by…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/legend-artists-private-limited-1598ca8d