NCLT Mumbai Approves Liquidation Of TV Products India Private Limited

Background Facts

TV Products India Private Limited (“Corporate Debtor”) is a Non-govt company, registered at ROC-Mumbai. It was incorporated on 15 September 2008 and is a private unlisted company classified as a 'company limited by shares'.

On 23.11.2021 Company Petition (IB)-2299(MB)/2018 was admitted by NCLT, Mumbai filed by Mr Manish Shah (RP) of Corporate Debtor. The resolution for the same was passed by the Committee of Creditors (CoC) in its 3rd meeting held on 20.04.2022.

No claims were received from the Financial Creditors and the Committee of Creditors (CoC) was formed with only two Operational Creditors.

The Corporate Debtor also has no fixed assets, no business activities, nor any employees.

The RP has been able to make recoveries on loans and advances amounting to Rs. 73,000/- and Rs. 34, 500/-.with the help of the suspended Board of Directors. Further recoveries are to be made during the liquidation process.

The members of the CoC also approved to contribute to the estimated liquidation cost of Rs. 5,50,000/-. Mr Manish Shah, holding Registration No. IBBI/IPA001/IP-P00094/2017-2018/10194, is to be appointed as the Liquidator.

NCLT Verdict

The Bench has directed the Liquidator to proceed with the process of liquidation.

Case Title: Arsenius Skill Capital vs TV Products India Private Limited

Case No.: CP(IB)No. 2299/MB/C-II/2018

Counsel for Applicant: Adv. T.N. Chandrassekar

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