# 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-00666. 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-00666
- **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-2019-1bb8f5e6

## 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 a 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. The Resolution Professional filed an application under Section 33 of the IBC seeking directions to initiate liquidation proceedings. The Committee of Creditors approved the proposal for liquidation. The Resolution Professional complied with previous orders and explained the resolution and liquidation process to the CoC, filing a compliance affidavit. The application was filed in accordance with IBBI Regulations and NCLT Rules. The order was delivered on 19.10.2022.

## Issues and analysis

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

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

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**Reasoning:** The court considered the approval of the liquidation proposal by the Committee of

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**Interpretation:** Section 33 of the IBC is interpreted to permit liquidation when the CoC

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**Application:** The court applied Section 33 of the IBC to the facts of the case, noting that

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## Parties

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

## Timeline

- **2022-09-30 — Previous…**: Compliance of order…
- **2022-10-19 — Order Del…**: Order delivered on 19.10.2022,…

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