# Virtuoso IPE Private Limited vs. Anil Madan & Ors.

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00606. The Corporate Insolvency Resolution Process (CIRP) was initiated against Johnson Watch Company…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/virtuoso-ipe-private-limited-vs-anil-madan-ors-o34gq

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Johnson Watch Company Private Limited (Corporate Debtor) by Swiss Promotions Private Limited (Operational Creditor). Mr. Pushpinder Kumar was appointed as Interim Resolution Professional (IRP). Despite multiple extensions of the CIRP period and three invitations for Expressions of Interest (EoIs), no feasible or compliant resolution plan was approved by the Committee of Creditors (CoC). Resolution plans submitted by the ex-directors and other Prospective Resolution Applicants (PRAs), including Evolve Lifestyle LLP, were either conditional, incomplete, or rejected by the CoC. Consequently, the CoC unanimously resolved to liquidate the Corporate Debtor.

## Facts

A petition was filed under Section 9 of the IBC by Swiss Promotions Private Limited (Operational Creditor) to initiate CIRP against Johnson Watch Company Private Limited (Corporate Debtor).

The Adjudicating Authority (AA) admitted the Corporate Debtor into CIRP on 17.01.2024 and appointed Mr. Pushpinder Kumar as the Interim Resolution Professional (IRP).

The IRP made a public announcement in Form-A on 20.01.2024, inviting claims from creditors.

A settlement was proposed by the ex-directors, and a withdrawal application (IA-518/2024) was filed but later withdrawn due to failure to reach a settlement.

The Committee of Creditors (CoC) was constituted, and its constitution was taken on record by the AA on 13.05.2024.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Johnson Watch Company Private Limited, should be ordered into …

**Ratio:** The Adjudicating Authority is mandated to pass a liquidation order if the Committee of

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**Reasoning:** The CoC, in its 20th meeting, unanimously resolved to liquidate the Corporate Debtor as

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**Interpretation:** Section 33(2) grants the CoC the authority to decide on liquidation, and upon

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**Application:** Since the CoC unanimously voted for liquidation after repeated failures to

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Virtuoso IPE…; Evolve Lifestyle…; +2 more
- **Respondents:** Johnson Watch…; Anil Madan & Ors.…; +1 more
- **Other parties:** Atul L…; Anil Madan…; +5 more
- **Advocates:** Sumit S…; Ms Neeha…; +4 more

## Timeline

- **2024-01-17 — CIRP Admission and IRP…**: The Adjudicating Authority admitted Johnson Watch Company Private Limited into CIRP and…
- **2024-01-20 — Public Announcement by…**: The IRP made a 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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