# In the matter of Nascent Communication Pvt. Ltd. IA-4293 & 4533-2022 in IB-2454-ND-2019

> NCLT judgment dated 2022-10-19. Citation: TCN-2022-NCLT-00674. The case involves applications related to the insolvency resolution process of Nascent…

- **Court:** NCLT
- **Order date:** 19 Oct 2022
- **Citation:** TCN-2022-NCLT-00674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nascent-communication-pvt-ltd-ia-4293-4533-2022-in-ib-2454-nd-2019-ee1b81e1

## Summary

### Background

The case involves applications related to the insolvency resolution process of Nascent Communication Private Limited. IA/4293/2022 concerns the approval of the Committee of Creditors' (CoC) decision to continue with Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). IA/4533/2022 pertains to the initiation of the liquidation process for Nascent Communication Private Limited, filed by the Resolution Professional, due to the lack of a viable resolution plan and the depreciating value of the corporate debtor's assets.

## Facts

Value First Digital Media Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Nascent Communication Pvt. Ltd. under Section 9 of the IBC. The Committee of Creditors (CoC) approved the continuation of Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Subsequently, the CoC opted for liquidation due to the lack of a resolution plan and the depreciating value of the corporate debtor's assets, which included a few vehicles. The CoC recommended the appointment of Mr. Ravi Bansal as the liquidator.

## Issues and analysis

### Issue 1: Whether the continuation of Mr. Ravi Bansal as the …

**Ratio:** The Tribunal generally defers to the commercial wisdom of the Committee of Creditors

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**Reasoning:** The CoC recommended the continuation of Mr. Ravi Bansal as the Resolution Professional.

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**Interpretation:** The interpretation of the IBC emphasizes the CoC's role in making key decisions

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**Application:** The Tribunal applied the principle of deference to the CoC's commercial wisdom

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## Parties

- **Judges:** TELAPROLU…; RAHUL BHA…
- **Appellants:** Value First…
- **Respondents:** Nascent Communicat…
- **Advocates:** Vedant C…; Swati…; +1 more

## Timeline

- **2022-10-19 — Order del…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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