# In the matter of Profisor Services Pvt. Ltd. IA-4718-2022 in IB-1932-ND-2019

> NCLT judgment dated 2022-10-19. Citation: TCN-2022-NCLT-00679. The case involves an application under Section 33 of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 19 Oct 2022
- **Citation:** TCN-2022-NCLT-00679
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/profisor-services-pvt-ltd-ia-4718-2022-in-ib-1932-nd-2019-12afff74

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code (IBC) read with IBBI Regulations and Rule 11 of NCLT Rules, 2016. The Applicant/Resolution Professional sought directions to initiate liquidation proceedings for the Corporate Debtor and to appoint Mr. Arunesh Kumar Dubey as the Liquidator. The Committee of Creditors (CoC) had approved the proposal for liquidation as per CIRP Regulation 22 (2) and (3).

## Facts

Profisor Services Pvt. Ltd. is the Corporate Debtor in this case. An application was filed under Section 33 of the IBC, seeking to initiate liquidation proceedings. The application was filed by the Applicant/Resolution Professional. The Committee of Creditors (CoC) approved the proposal for liquidation. The Resolution Professional complied with the order dated 30.09.2022 and explained the resolution and liquidation process to the CoC, filing a compliance affidavit. The key fact is that the CoC approved the liquidation, leading to the court's decision to initiate the proceedings.

## Issues and analysis

### Issue 1: Whether the application for initiating liquidation proceedings against the Corporate Debtor, …

**Ratio:** Section 33 of the IBC allows for the initiation of liquidation proceedings if the

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**Reasoning:** The court reasoned that the CoC had approved the liquidation proposal as per CIRP

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CoC approves

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**Application:** In this case, the CoC approved the liquidation, and the Resolution Professional

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## Parties

- **Judges:** TELAPROLU…; RAHUL BHA…
- **Respondents:** Profisor Services…

## Timeline

- **2022-09-30 — Previous…**: Court issued an order which the…
- **2022-10-19 — Order Del…**: The court allowed the application for liquidation and appointed Mr. Arunesh Kumar Dubey…

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