# In the matter of Njoy Blues LLP

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00574. The Resolution Professional of the Corporate Debtor filed an application for liquidation and…

- **Court:** NCLT
- **Order date:** 24 Nov 2023
- **Citation:** TCN-2023-NCLT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/njoy-blues-llp-2e122357

## Summary

### Background

The Resolution Professional of the Corporate Debtor filed an application for liquidation and dissolution of the Corporate Debtor due to non-cooperation from its suspended directors, lack of assets, and no viable resolution plan.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process ( CIRP ) against Njoy Blues LLP, the Corporate Debtor, on November 29, 2022. Mr. Arun Poddar was appointed as the Interim Resolution Professional (IRP). Public announcements were made in Form A on December 2, 2022, inviting claims from creditors, in accordance with regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Committee of Creditors (CoC) was constituted on December 19, 2022, with the operational creditor as the sole member. The first CoC meeting was held on December 27, 2022, where Mr. Arun Poddar's appointment as Resolution Professional (RP) was approved with 100% voting share. An application under section 19(2) of the Code was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Njoy Blues LLP, should be dissolved under Section 54 of the …

**Ratio:** When a corporate debtor has no assets, no business, and insufficient funds to cover

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**Reasoning:** The Corporate Debtor had no movable or immovable assets, no business operations for the

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**Interpretation:** The court interpreted **Section 54 of the IBC** and **Regulation 14 of the IBBI

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**Application:** Given the Corporate Debtor's 'Nil'/'Zero' bank balances, lack of assets, and

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Express Dairy…; Arun Poddar…
- **Respondents:** Njoy Blue…
- **Advocates:** For…; Swapna Choubey,…; +5 more

## Timeline

- **November 29, 2022 — CIRP Init…**: Adjudicating Authority ordered the initiation of CIRP against Njoy Blues LLP and…
- **December 2, 2022 — Public Annou…**: Public Announcements in Form A were published in 'Financial Express' and 'Ekdin' inviting…

## 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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