Hon’ble NCLAT observes that CoC has given reasons as to that there are no employees, no business, no registered office, no filing of annual account of the MCA since 31.03.2011, no returns and no transactions since 2017. The scheme of the IBC as delineated by Section 33(2) empower of CoC to take a decision to liquidate after constitution of CoC. The Bench holds that it is true that the decisions of the CoC to liquidate has to be with reasons and that cannot be arbitrarily done. In V. Duraisamy vs. Jeyapriya Fruits and Vegetables Commission Agent & Ors. (2023) ibclaw.in 405 NCLAT what has been held that the case was that in which no claim was filed, no committee of Creditors was constituted. The said was a not a case of that Committee of Creditors was constituted by single Operational Creditor, hence, the submission which is sought to be advanced by the counsel for the respondent that the single Operational Creditor committee cannot be constituted was not an issue nor any ratio in the said judgment can be read to that effect.
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