# In the matter of Planet 41 Mobi-Ventures Limited

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02564. The case involves an application filed by the Resolution Professional, Mr. Praful Raghunath…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/planet-41-mobi-ventures-limited-d6ae581d

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Praful Raghunath Renuse, under Sections 33, 34, and 35 read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Planet 41 Mobi-Ventures Limited, and the appointment of a liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed under Section 9 of the Code by the Operational Creditor, M/s. MDS Digital Media Pvt Ltd. The Committee of Creditors (CoC) was formed, comprising only the Operational Creditor.

## Facts

M/s. Planet 41 Mobi-Ventures Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted. M/s. MDS Digital Media Pvt Ltd., the Operational Creditor, initiated the process. Mr. Praful Raghunath Renuse was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of M/s. MDS Digital Media Pvt Ltd. The RP reported that the Corporate Debtor had not been operational for four years, had no functioning assets, and no employees. A forensic audit revealed discrepancies in the Corporate Debtor's accounts, including potential PUFE transactions amounting to significant sums. The books of accounts were not properly maintained, hindering the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Planet 41 Mobi-Ventures …

**Ratio:** Section 33 of the Insolvency & Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Tribunal considered the fact that the CoC had passed a resolution with 100% voting

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**Interpretation:** Section 33 provides a mechanism for the liquidation of a corporate debtor when

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

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Praful Raghunath…
- **Respondents:** M/s. Planet 41…

## Timeline

- **2018-01-01 — Company Petiti…**: C.P.(IB)/1658(MB)/2018 filed under Section 9 of the Code by M/s. MDS Digital Media Pvt…
- **2022-12-16 — Admission of Petition…**: Tribunal admitted the petition and Corporate Insolvency Resolution Process (CIRP) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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