# In the matter of Glory Furnishers Private Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00966. Tata Capital Limited initiated Corporate Insolvency Resolution Process (CIRP) against Glory…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00966
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/glory-furnishers-private-limited-fae1868a

## Summary

### Background

Tata Capital Limited initiated Corporate Insolvency Resolution Process (CIRP) against Glory Furnishers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Tata Capital Limited filed a petition against Glory Furnishers Private Limited under Section 7 of the IBC, leading to the initiation of CIRP.

Mr. Vikky Dang was initially appointed as the Interim Resolution Professional (IRP).

The CoC appointed Mr. Vikky Dang as the Resolution Professional (RP).

Form G was published, but no resolution plan was received.

The Adjudicating Authority granted a 90-day extension to the CIRP, extending the process until 17.12.2024.

The CoC voted 100% in favor of liquidating the Corporate Debtor.

The CoC proposed Mr. Vikky Dang as the Liquidator.

The CoC resolved to contribute towards the liquidation cost, estimated at Rs. 9 Lakh (excluding liquidator fee).

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2) of the Code allows the Adjudicating Authority to pass an order for

…

**Reasoning:** The CoC approved the liquidation with 100%

…

**Interpretation:** The Adjudicating Authority is empowered to order liquidation when the CoC

…

**Application:** The Adjudicating Authority approved the liquidation application based on the

…

## Parties

- **Judges:** Labh S…; Ms Rekha Kantilal…
- **Appellants:** Tata Capital…; Vikky…
- **Respondents:** Glory Furnishers…
- **Advocates:** Mr.Cardin…; Ms.Atul S…

## Timeline

- **2024-03-22 — CIRP Init…**: Adjudicating Authority directed initiation of…
- **2024-04-22 — CoC Meet…**: 1st CoC meeting held; Mr. Vikky Dang…

## 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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