# In the matter of Purple Advertising Services Private Limited IA No. 543-KB-2021 in CP (IB) No. 108-KB-2019

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-04801. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-04801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/purple-advertising-services-private-limited-ia-no-543-kb-2021-in-cp-ib-no-108-kb-52878085

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of Purple Advertising Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by United Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a 100% voting share as no resolution plan was approved.

## Facts

United Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Purple Advertising Services Private Limited.

The Adjudicating Authority ordered the initiation of CIRP on 29/10/2019.

The first meeting of the CoC was held on 27/11/2019, and the Interim Resolution Professional (IRP) was confirmed as the Resolution Professional (RP).

Two prospective Resolution Applicants, Bohoboss Entertainment Pvt. Ltd. and Veekay Apartments Pvt. Ltd., submitted revised Resolution Plans.

The CoC rejected the resolution plan submitted by Veekay Apartments Pvt. Ltd. for not attaining 66.67% voting share and passed a resolution with 100% voting share for liquidation.

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional seeking liquidation of the Corporate …

**Ratio:** Section 33(2) of the

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with a 100% voting share,

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**Interpretation:** Section 33(2) allows for the liquidation of the Corporate Debtor if the

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**Application:** The application is maintainable as the CoC has approved the liquidation with

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## Parties

- **Judges:** Rohit Kumar…; Harish Chander…
- **Appellants:** United Bank of…; Shyamal Kumar…
- **Respondents:** Purple Advertising…
- **Other parties:** IDBI Bank…; State Bank of…; +3 more
- **Advocates:** Shaunak…; Vikash…; +9 more

## Timeline

- **2019-10-29 — Initiation…**: Adjudicating Authority ordered the initiation of CIRP against Purple Advertising Services…
- **2019-11-27 — First CoC M…**: The first meeting of the CoC was held,…

## 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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