# In the matter of Salelink Ecom Private Limited IA. No. 748 of 2021 in C.P.No.(IB) 4675- (MB) of 2018

> NCLT judgment dated 2023-01-13. Citation: TCN-2023-NCLT-05045. The case pertains to an Interlocutory Application (I.A. No. 748/2021) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLT-05045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/salelink-ecom-private-limited-ia-no-748-of-2021-in-cpnoib-4675-mb-of-2018-6f2db864

## Summary

### Background

The case pertains to an Interlocutory Application (I.A. No. 748/2021) filed by the Resolution Professional, Mr. Kamal Kishor Gurnani, seeking liquidation of the Corporate Debtor, Salelink Ecom Private Limited, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 22.10.2019, and Mr. Prabhakar Bhat was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Kamal Kishore Gurnani replaced the IRP. The Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor before the expiry of the CIRP period.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Salelink Ecom Private Limited on 22.10.2019, following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Prabhakar Bhat was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kamal Kishore Gurnani. The Committee of Creditors (CoC), consisting of the financial creditor (Bank of India), resolved to liquidate the Corporate Debtor due to the non-receipt of any Expression of Interest (EOI) from interested parties and the absence of any business operations. The CoC also considered the non-cooperation from the promoter and the vacation of the Registered Office and factory. The CoC unanimously opted for liquidation and appointed Mr. Kamal

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application No. 748/2021 seeking liquidation of the Corporate Debtor, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The court observed that the CoC had unanimously decided to liquidate the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for the CoC's decision to liquidate the

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**Application:** The CoC's unanimous decision to liquidate the Corporate Debtor, Salelink Ecom

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Aramex India Pvt.…
- **Respondents:** SALELINK ECOM…; Salelink Ecom…

## Timeline

- **2018-01-01 — Case Fil…**: C.P.(IB)-4675(MB)/2018…
- **2019-10-22 — CIRP Init…**: The Bench admitted the application under section 9 of the code and initiated the CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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