# In the matter of Simtel Trading Corporation Private Limited IA (IBC)-230-KOB-2023 in CP (IBC)-34-KOB-2022

> NCLT judgment dated 2023-06-30. Citation: TCN-2023-NCLT-05390. The application was filed by Mr. Vikky Dang, the Resolution Professional of Simtel Trading…

- **Court:** NCLT
- **Order date:** 30 Jun 2023
- **Citation:** TCN-2023-NCLT-05390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/simtel-trading-corporation-private-limited-ia-ibc-230-kob-2023-in-cp-ibc-34-kob-095a828e

## Summary

### Background

The application was filed by Mr. Vikky Dang, the Resolution Professional of Simtel Trading Corporation Private Limited, for liquidation of the corporate debtor.

## Facts

The CIRP against Simtel Trading Corporation Private Limited was admitted on 01.12.2022.

Mr. Vikky Dang was appointed as the Interim Resolution Professional and later as the liquidator.

The IRP made public announcements in 'Financial Express' and 'Chandrika' newspapers.

Two financial creditors, Tata Capital Financial Services Private Limited and Incred Financial Services Limited, submitted claims.

The suspended management did not furnish complete books of accounts and was uncooperative.

The CoC members informed that the suspended managers had alienated the properties of the corporate debtor.

The CoC decided to proceed with liquidation due to the lack of assets and the impossibility of revival.

…

## Issues and analysis

### Issue 1: Whether the corporate debtor, Simtel Trading Corporation Private Limited, should be liquidated due …

**Ratio:** Based on the CoC's decision and the lack of a resolution plan, liquidation is the

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**Reasoning:** The CoC members informed that the suspended managers had alienated the properties of the

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**Interpretation:** The absence of assets and the lack of a viable resolution plan justify the

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**Application:** The Adjudicating Authority ordered the liquidation of Simtel Trading

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Vikky…
- **Respondents:** Simtel Trading…
- **Other parties:** Tata Capital…; Incred Financial…
- **Advocates:** Akhil S…; Harikumar.…; +1 more

## Timeline

- **2022-12-01 — Admission o…**: The Corporate Insolvency Resolution Process (CIRP) against the corporate debtor was…
- **2022-12-03 — Public Annou…**: The IRP effected public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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