# In the matter of Shri Balaji Entertainments Private Limited IA No. 2599-2022 in CP (IB) No.529-MB-C-IV-2021

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04806. The case involves an application filed by the Resolution Professional, Gajesh Labhchand Jain,…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04806
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-balaji-entertainments-private-limited-ia-no-2599-2022-in-cp-ib-no529-mb-c-i-61156d34

## Summary

### Background

The case involves an application filed by the Resolution Professional, Gajesh Labhchand Jain, seeking liquidation of Shri Balaji Entertainments Private Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under section 7 of the Code filed by Pegasus Assets Reconstructions Private Limited, the Financial Creditor. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional.

## Facts

Pegasus Assets Reconstructions Private Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shri Balaji Entertainments Private Limited, the Corporate Debtor. The petition was admitted by the Tribunal on 2022-04-20. Gajesh Labhchand Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional. A public announcement was made on 2022-04-22 commencing the CIRP process. Despite efforts, no Expression of Interest (EOI) was received from any Prospective Resolution Applicant in response to Form G published by RP on 2022-06-22, with the last date of submission being 2022-07-07. In the 4th COC meeting held on 2022-08-26, the Committee of Creditors (CoC) resolved for liquidation of the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33 of the Insolvency …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The Tribunal reasoned that since no resolution plan was received within the stipulated

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the absence of any Expression of Interest from prospective

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Gajesh Labchand…
- **Respondents:** Balaji Entertainme…; Pegasus Assets…

## Timeline

- **2022-04-20 — Admission of…**: Tribunal admitted the Petition under section 7 of the Code, filed by Pegasus Assets…
- **2022-04-22 — Public Annou…**: Public announcement was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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