# In the matter of Oxford Facilities Management IA(IBC)-804(KB)2020 in CP (IB)-2084(KB)2019

> NCLT judgment dated 2022-12-30. Citation: TCN-2022-NCLT-00001. The case involves an application (IA(IBC)/804(KB)2020) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 30 Dec 2022
- **Citation:** TCN-2022-NCLT-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oxford-facilities-management-iaibc-804kb2020-in-cp-ib-2084kb2019-03303568

## Summary

### Background

The case involves an application (IA(IBC)/804(KB)2020) filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Oxford Facilities Management. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Avaani Oxford Owners Association under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% voting share and recommended the appointment of the Applicant (Ms. Sneh Maheswari) as the Liquidator. The application for liquidation was filed because the only asset of the Corporate Debtor was a fixed deposit of Rs.3.5 Crores.

## Facts

Avaani Oxford Owners Association filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Oxford Facilities Management. Ms. Sneh Maheswari was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with a single financial creditor. The CoC resolved to liquidate the Corporate Debtor due to the absence of a viable resolution plan. The only asset of the Corporate Debtor was a fixed deposit of Rs.3.5 Crores. Mr. Bhaskar Biswas, the suspended director of Oxford Facilities Management, filed appeals before the NCLAT and the Supreme Court, challenging the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Oxford Facilities Management, …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates the Adjudicating

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**Reasoning:** The Adjudicating Authority noted that the CoC had resolved to liquidate the Corporate

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**Interpretation:** Section 33 of the IBC provides a clear framework for liquidation when a

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**Application:** In this case, the CoC's decision to liquidate, coupled with the absence of a

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Avaani Oxford…
- **Respondents:** Oxford Facilities…
- **Advocates:** Arik Ban…; Joy S…; +5 more

## Timeline

- **2020-03-13 — Order for Initiation of…**: Adjudicating Authority passed an order for initiation of Corporate Insolvency Resolution…
- **2020-03-17 — Public Annou…**: Public announcement was published in 'Financial Express' and 'Aajkal' inviting claims…

## 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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